Jefferies Maintains Buy Rating, Adds $18 PT On ABMD

Jefferies maintains its Buy rating and has added a price target of $18 on Abiomed Inc. ABMD, citing reimbursement risk. Says Jefferies, in the report, “NHIC's proposed local coverage determination effectively creates a reimbursement overhang on the stock. We continue to believe that the Impella is the hemodynamic support technology platform of the future, but reimbursement decisions will be the focus in the near term… We continue to have a positive outlook on the long term role of the Impella in hemodynamic support although there is now increased near term risk to our long thesis.” AMBD closed yesterday at $15.09.