Johnson & Johnson's (JNJ) Varipulse catheter continues to be an "important growth driver" for the company and there is no change to the device's intended use case, RBC Capital Markets said in a note e-mailed Wednesday.

Last week, the healthcare products conglomerate said it will resume the limited market release of Varipulse in the US after an investigation found the devices operate as intended. The company will update the instructions for use globally for the device to include "enhanced" guidance, it added.

"Our take is that JNJ's Varipulse is now more likely to be strictly used in paroxysmal patients versus also being used off-label in persistent patients, and [pulsed field ablation] remains a significant opportunity for JNJ as the [atrial fibrillation] market is only [around] 5% penetrated," RBC analysts, including Shagun Singh, said in a note to clients.

RBC has an outperform rating and a $181 price target on the company's stock.

Johnson & Johnson shares were up 1.4% in recent trading.

Price: 157.18, Change: +2.19, Percent Change: +1.41