Integer price target raised to $97 from $87 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on Integer (ITGR) to $97 from $87 and keeps an Overweight rating on the shares. The firm notes Integer reported Q1 results that beat on the top- and bottom-lines but lowered full-year guidance across the board. Management attributed recent customer forecast updates in EP and other risk adjustments for the changes. Importantly, Integer clarified that the core EP market remains strong growing in the high-teens. Piper believes the forecast updates are a one-time event reflecting market stabilization rather than structural weakness. While the firm is cautious as stabilization could take longer than anticipated, updated sales guidance is a welcome revision from the previously steep back-half ramp.