Integer Holdings (NYSE:ITGR) has been upgraded at BofA Global Research to Buy from Neutral as it expects the company to benefit from the emergence of pulsed field ablation to treat atrial fibrillation.
The research firm expects PFA sales to grow from $100-200m in 2023 to over $2bn in 2025 for ITGR.
“ITGR is a key component supplier for the major PFA devices sold by BSX, MDT and JNJ. We expect upcoming PFA device launches could add as much as $90m of incremental revenue in 2025 and add 200-300bps to ITGR growth depending on how the market develops and which PFA devices gain more traction,” BofA Global Research said in a statement.
It also upgraded Price Objective to $135 from $105 for the company and think ITGR can capture a higher proportion of PFA COGS versus its existing electrophysiology business because the company expects to sell a larger number of components for PFA devices versus current EP devices.
Integer Holdings has a Hold rating on Seeking Alpha’s quant system, while Wall Street analysts recommend this company as a Buy.
ITGR is trading up 2.75% at $118.95 in early trade.
More on Integer Holdings
- Integer Holdings Corporation (ITGR) Q4 2023 Earnings Call Transcript
- Integer Holdings Corporation 2023 Q4 - Results - Earnings Call Presentation
- Integer Holdings: Expecting Upcoming Q4 Earnings To Confirm Breakout
- Integer Holdings Q4 2023 Earnings Preview
- KeyBanc picks Inspire, Integer, ICU Medical as top medtech ideas