UPDATE: Feltl and Company Reiterates Buy Rating, Raises PT on Vascular Solutions

In a report published Monday, Feltl and Company reiterated its Buy rating on Vascular Solutions

, and raised its price target to $16.25. Feltl and Company noted, “Vascular Solutions represents a unique type of company in the market in which it operates. While none of its over 60 products are likely to be home runs within the vascular space, the company consistently hits singles and doubles with many niche products that do not see much, if any, competition from larger (or smaller) players. We believe the company has proven that it is able to execute on its strategy of continuously developing, distributing, or acquiring products with which to leverage its sales force. They currently plan on introducing about ten products per year and believe that their current sales force can drive at least $1.5 million per employee per year (up from the present ~$1.0 million run rate). With 30 products in their current development pipeline and additional opportunities for tuck-in acquisitions and distribution agreements, we believe the company will be able to drive low-teens top-line growth for the next several years. As this occurs, the company will drive operating leverage and we estimate that Vascular Solutions will be able to grow EPS at approximately double their revenue growth rate for the foreseeable future. As such, we rate the shares a BUY with a twelve-month target of $16.25 (11x 2013 EV/EBITDA).” Vascular Solutions closed on Friday at $14.34.