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SMALL BUSINESS
Ahead of the Bell: Deutsche Bank lifts C.R. Bard
AP
NEW YORK -A Deutsche Bank analyst recommended investors buy shares of C.R. Bard Inc., saying the medical-device maker's vascular and hernia products will drive growth.
Seth Damergy upgraded the shares to "Buy" from "Hold" and raised his price target to $88 from $78. Bard closed at $75.74 on Tuesday.
"When we initiated in July, we cited revenue growth deceleration, urology uncertainties, hernia share losses, and a premium valuation as reasons to stay away," he said, in a note to investors. "Those headwinds have subsided and with a significant foreign exchange tailwind into next year, we believe underlying growth trends will improve."
He cited potential for growth from vascular devices, which include catheters and stents, along with hernia devices.
"We were encouraged to see progress in the third quarter within the hernia franchise and continued strength in the vascular division," he said.
Meanwhile, he was more cautious on the Murray Hill, N.J., company's urology and cancer products, but expects sales trends to improve in 2010.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-04 08:11:36
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