Investors should scoop up shares of medical device provider AtriCure , according to JMP Securities, which expects the company to be a winner in one burgeoning medical device market. Analyst Daniel Stauder initiated coverage of the stock with an outperform rating and $60 price target, implying shares could soar almost 70%. “Representing the number one player in treating complex forms of atrial fibrillation, the company has carved out a dominant position in two major legacy cardiac arenas that are still growing at a very healthy clip, and where it is primarily the only game in town,” Stauder wrote in a Monday note. “The company’s efforts to drive operating leverage and achieve positive adjusted EBITDA should, in our view, bode well in the current MedTech landscape.” AtriCure develops, manufactures and sells devices that are used for the treatment of atrial fibrillation, or Afib; left atrial appendage management, or LAAM; and post-operative pain. The devices are marketed to medical centers. The company’s stock price has declined just about 19% so far this year, with almost all of that occurring this quarter. Shares briefly climbed 4.8% in early trading Monday before pulling back. ATRC YTD mountain AtriCure stock. According to Stauder, AtriCure has moved into two emerging opportunities that represent even larger total addressable markets than the company’s traditional niche, and JMP views both as offering additional opportunity. These include the company’s Open Ablation products, which are the only FDA-approved technologies for the treatment of persistent Afib, and its AtriClip product, which is the most widely used LAAM device and has demonstrated benefits in preventing increased risks of blood clots and stroke, the analyst said. Both segments generate about 35% and 40% of total sales, respectively, and are expected to generate mid-teen annual sales growth in 2024 and 2025. The company’s fast-growing post-operative pain management division is another growth opportunity, according to Stauder. The analyst said that this segment, with a possible total addressable market approaching $1 billion, is likely to expand roughly 20% year over year in 2023, 2024 and 2025. It has already grown to account for 12% of revenue today, up from 5% in 2020. AtriCure’s pain management division “adds an attractive layer of growth that should outpace ATRC’s legacy product portfolios,” Stauder said. — CNBC’s Michael Bloom contributed to this report.