UPDATE: Benchmark Initiates ICU Medical with Buy, $60 PT

Benchmark initiates its coverage on ICU Medical

with a Buy rating and a $60 price target on macro defensive growth characteristics. Benchmark comments, "ICU Medical is a leader in the development, manufacture and sale of proprietary medical devices used in infusion therapy, oncology, and critical care applications. We believe the aging of the population will drive an increase in the volume of medical and surgical related procedures and therefore an increase in the demand for ICUI's disposable medical connection systems." ICUI closed at $48.29 on Wednesday.