UPDATE: JP Morgan Maintains Integra LifeSciences at Neutral Following Model Update
JP Morgan reiterated its Neutral rating and $43 price target on Integra LifeSciences (NASDAQ: IART).
JP Morgan commented, "For 2013, we continue to expect adjusted EPS of $3.14 (+1.3%) on total revenues of $878.1M (+5.5%). Excluding the impact of the medical device excise tax (~$0.29), earnings growth is projected at 10.7%. By division, we project Neuro growth of 4.0%, Orthopedics growth of 7.4%, and Instruments growth of (3.9%). Longer term, we see Integra as a 5-6% and 10-11% top- and bottom-line grower, respectively. This compares to management's long-term guidance ranges of 5-7% and 9-13%. For 2014, we model adjusted EPS of $3.48 (+11.2%) on total revenues of $925.6M (+5.4%)."
Integra LifeSciences closed at $38.78 on Wednesday.
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