UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Raises PT on CR Bard
In a report published Monday, Bank of America Merrill Lynch reiterated its Neutral rating on CR Bard (NYSE: BCR), and raised its price target from $103.00 to $113.00.
BofA Merrill Lynch noted, “BCR's model has succeeded in driving a 10%+ revenue CAGR for the last four years, but for the last several quarters, growth has slowed to the 6% range, as the combination of the economy and new competitive dynamics has affected BCR's growth. In BCR's latest three quarters that growth slowed to the 3% range. We have considerable confidence in the BCR management team but given the uncertainty around growth and BCR's premium to the group we see limited upside to the current stock price.”
CR Bard closed on Friday at $102.33.
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