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UBS Ups AtriCure to Buy from Neutral

UBS Financial upgraded AtriCure (ATRC) to buy from neutral, after the company on Friday posted fourth quarter results.

Analyst Patrick Pace thinks solid results were overshadowed by recent conflict of interest issues. He was surprised by news of a pullback in Management Information System (MIS) training and product usage at the University of Cincinnati. Due to suspension of training at U.C., he believes visibility for the company's growth is likely to remain low until AtriCure can build up training centers at other academic centers. Overall, however, he thinks demand for the Management Information System procedure remains healthy. He cut his $14 stock price target to $11, but keeps a $1.11 2006 loss and 45 cents 2007 loss estimates.

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