Bank of America's Takeaways from Meeting with C R Bard's Senior Management

In a research report published today, Bank of America met with C R Bard Inc.'s BCR senior management in New Jersey last week. Bank of America had the following to say concerning the meeting; “) Regarding Gore, BCR could begin to see the proceeds as early as this summer, but the most likely scenario remains year end. We estimate that BCR could receive a pre-tax payment of $900 - $1bln at the end of 2012. Additionally BCR will receive roughly $125mm in ongoing annual royalties through 2019. We have a better sense of BCR's priorities exiting our meeting. BCR has recently (January) hired experienced medtech banker David Gottlieb to run strategy/business development, which strongly suggests the potential for M&A as a core use of funds from Gore.” Bank of America maintains its Neutral rating and $95 PT on C R Bard, which closed Friday at $93.30.