UPDATE: JP Morgan Upgrades C.R. Bard to Overweight on Litigation and Data Outlook
JP Morgan raised its rating on C.R. Bard (NYSE: BCR) from Neutral to Overweight and increased its price target from $110 to $116.
JP Morgan noted, "We are upgrading shares of C.R. Bard from Neutral to Overweight in anticipation of (1) a favorable resolution of the Gore patent litigation; (2) significant upward revisions to Street estimates as models more accurately reflect the Gore awards and ongoing royalty stream; and (3) a positive outcome to the LEVANT 2 pivotal trial for Bard's Lutonix drug-coated balloon. Bard's base business continues to struggle; however, management has the potential with the Gore proceeds and royalty stream to create a pipeline in addition to Lutonix and with it a 2015 growth acceleration story, all while delivering solid double-digit EPS growth in the interim."
C.R. Bard closed at $95.99 on Monday.
Latest Ratings for BCR
|Mar 2016||Nomura||Initiates Coverage on||Neutral|
|Jan 2016||JMP Securities||Maintains||Market Outperform|
|Nov 2015||Citigroup||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.