UPDATE: S&P Capital Downgrades C.R. Bard to Hold, Raises PT on Revised 2014 EPS Estimate

In a report published Friday, S&P Capital analyst Jeffrey Loo downgraded the rating on C.R. Bard BCR from Buy to Hold, but raised the price target from $145.00 to $150.00. In the report, S&P Capital noted, “We raise our target price $5 to $150 on 19.2X our revised 2014 EPS estimate of $7.81, up from $7.50, in-line with peers. We think the shares are currently trading near fair value. We believe the recently announced merger of competitors Medtronic (MDT 65 ****) and Covidien (COV 92 ***) could increase competitive challenges. But we note, earlier this month a FDA advisory panel unanimously recommended approval of BCR's novel Lutonix Drug Coated Balloon (DCB) for peripheral arterial disease which would be the first DCB in the US and we think several months ahead of MDT's DCB.” C.R. Bard closed on Thursday at $138.79.
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Posted In: Analyst ColorDowngradesAnalyst RatingsJeffrey LooS&P Capital
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