J.P. Morgan Ups PT On THOR To $38

J.P. Morgan, in light of strong 2Q numbers from the company, is raising its price target from $32 to $38 on Thoratec THOR. In its report, J.P. Morgan writes, “Thoratec reported strong 2Q results Wednesday after the close, with total revenues of $111.2M (+17%) coming in $6.2M above our estimate and $6.8M better than Street consensus spurred by jump in US destination therapy implants. On the bottom line, adjusted EPS of $0.44 (+28%) were $0.09 better than both our forecast and consensus, as a strong gross margin and well contained operating expenses drove a 2Q operating margin that was 450bps above our thinking.” J.P. Morgan is maintaining its Neutral rating on the stock. THOR closed yesterday at $33.85.