Headwinds For C.R. Bard, According To Barclays

Shares of C.R. Bard BCR are down following a report from Barclays regarding test results and the Medtronic MDT and Covidien COV merger, which may “create a headwind.”

Analyst Matthew Taylor writes about difficulties, “Based on our channel checks and prior work, we think there is risk around: a) how much DCB's will be used vs. PTA/stenting; b) reimbursement/add-on payments; and c) market share vs. MDT. Our model now contemplates a roughly 20% split for BCR and 80% for MDT in the US.”

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Based on these factors, Barclays cut its price target from $155 to $150 (9.6 percent upside). The $150 target is based on 16.5 times 2015 EPS of $9.10. The previous estimate was based on 17 times 2015 EPS of $9.15.

Shares of C.R. Bard are down 0.62 percent to $136.89.