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Thoratec Corporation (THOR)


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We upgrade our recommendation for Thoratec Corporation (THOR) to Outperform. HeartMate II units rose 22% in the six months ending June 30, 2012 wrapping up a robust half-year. Its competitor, HeartWare, has filed a PMA for a similar device which is not expected to be launched until 2015.

We believe that products such as HeartMate II will account for the major part of growth in the Ventricular Assist Device (VAD) market. Also, the company continues to do well in overseas markets despite economic turmoil in Europe.

The company recently raised guidance for 2012 following its results in the second quarter. We upgrade our recommendation on the stock with a price target of $44.00, based on a P/E of 29.3x our 2012 EPS estimate.

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