UPDATE: Piper Jaffray Lowers PT on Integra Following Anasco Recall

Piper Jaffray published a report Thursday, as analyst Matt Miksic remained a Neutral rating on Integra LifeSciences Holdings Corp. (NASDAQ: IART) and lowered the price target from $46 to $41.

Miksic wrote, "Integra's voluntary recall leaves a significant mark on projected results for Q1 and Q2, however, we believe it will prove to be temporary in nature and represents a prudent approach to the company's remediation efforts. Given the company's findings during its internal quality assurance assessment, management opted to err on the side of conservatism in initiating its recall of these additional lots of collagen-based products, which we believe substantially reduces the risk of additional downstream field actions. That said, the recall is the third or fourth FDA- or quality-related announcement in the last 18 months, potentially raising concerns among investors as to when the company will be able to concentrate more of its management and operating resources on driving the business. We expect management to provide greater detail and color on this subject on May 2. We remain Neutral on IART for now, lowering our target from $46 to $41."

Integra closed Wednesday at $33.75.