UPDATE: Jefferies Increases C.R. Bard's PT from $94 to $104

In a research report published by Jefferies today, C.R. Bard's (NYSE: BCR) modest revenue growth occurred in the right places, prompting Jefferies to increase BCR's PT from $94 to $104.

Jefferies explained, “Our new $104 PT (up from $94) is 13.0x our revised C13 EPS estimate and recognizes $12 NPV per share from the pending Gore settlement. Risks include Gore litigation, hospital budget pressures, price erosion, and acquisition integration.”

Jefferies maintains its Buy rating on C.R. Bard, which closed yesterday at $92.52.