UPDATE: Benchmark Company Initiates Coverage on Merit Medical Systems with Hold Rating, $10 PT on Limited Visibility

In a report published Thursday, Benchmark Company analyst James Terwilliger initiated coverage on Merit Medical Systems MMSI with a Hold rating and $10.00 price target. In the report, Terwilliger noted, “We are initiating coverage of Merit Medical with a Hold rating and a $10.00 price target. Our $10.00 price target represents 20 times our adjusted 2013 EPS estimate of $0.53. We believe that visibility is limited as MMSI reported Q1:13 results that missed analyst estimates and also lowered guidance for 2013. We believe that the lowered guidance for 2013 was driven by a slow-down in their core business, integration issues associated with their recent acquisition of Thomas Medical Products (formerly a unit of GE Healthcare) and lack of visibility regarding new product launches.” Merit Medical Systems closed on Wednesday at $10.00.