AGA Medical Holdings Inc (NASDAQ: AGAM) Future Looks Bright
November 30, 2009 10:19 AM
AGA Medical Holdings Inc (NASDAQ: AGAM) was today upgraded by Citi Analysts at a price target of $19. Citi feels that AGA Medical will report core sales growth of over 8% in 2011 after AGAM recently launched its LAA in Europe and a 2012 launch of PFO in the US.
Analysts expects AGAM to report strong profitability figures in the coming financial year as AGAM leverages its nitinol braiding technology across all its products as a result gross margin will increase above 85%.
According to Citi, AGAM will receive an IDE for its LAA trial in the coming two months which will further aid growth.
Shares of AGAM closed at $12.33 in the last trading session. AGAM has a 52-week trading range of $11.91-$14.85. Till now during the current calendar year, AGAM has declined by over 15%.
At Citi’s price target of $19, AGAM represents a share price return of over 50%.
