AtriCure downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Lilia-Celine Lozada downgraded AtriCure (ATRC) to Neutral from Overweight with a price target of $36, down from $48. Edwards Lifesciences (EW) announced the upcoming launch of a surgical left atrial appendage closure product later this year, a competitive product to AtriCure’s AtriClip, the analyst tells investors in a research note. The firm points out that Medtronic’s (MDT) entry into the market was a “significant overhang” on AtriCure shares until investors had a better sense of AtriCure’s ability to retain share. Edwards has a much larger presence in the cardiac surgery market as the leading surgical valve replacement manufacturer, which AtriCure’s Open business is highly indexed to, adds JPMorgan.