Piper Jaffray Reiterates UW Rating, $22 PT On GB

Piper Jaffray is reiterating its Underweight rating and $22 PT on shares of Greatbatch, Inc. GB. “We think Greatbatch is on the right strategy to increase its top line growth prospects and profitability profile,” Piper Jaffray writes. “But with the stock currently trading at 14x our C12 pro forma EPS estimate of $1.80, which is at a premium to Greatbatch's customers, we think the favorable outlook is already reflected in the share price. “Given our relative rating system, we maintain our Underweight rating and $22 price target.” Greatbatch closed Thursday at $25.50.