EVVV Ready For Robust Performance In 2010

Analyst Michael Weinstein of JP Morgan upgrades ev3 Inc (NASDAQ: EVVV) from “neutral” to “overweight.” The price target for EVVV has been raised from $15 to $19.

There is upside to the consensus estimates for ev3’s top and bottom line results for 4Q09 and 2010. The atherectomy business, which had been adversely impacting ev3’s growth, recovered in 4Q. The recent launch of the TurboHawk Plaque Excision System is expected to fuel EVVV’s ASPs and margins, the analyst says.

The consensus expectations for 2010 “appear particularly conservative,” JP Morgan adds.