UPDATE: Goldman Sachs Downgrades C.R. Bard to Sell on Clinical Trial Risk

Goldman Sachs downgraded C.R. Bard

from Neutral to Sell and lowered the price target from $99.00 to $95.00. Goldman Sachs noted, "With BCR's FY1 P/E multiple having expanded 11.6% vs. an 8% cut to earnings estimates, we think the market is giving Bard too much credit for acceleration in outer-year revenue/EPS growth. Street numbers are essentially in line with Bard's three-year guidance. That said, we see risk to these numbers given a high dependence on clinical trial success, new product development, and OUS expansion. We lower EPS estimates and are below consensus through 2015E. Our new $95, 12-month price target (on lower EPS) implies 5% downside." C.R. Bard closed at $99.01 on Thursday.