Morgan Keegan Raises C.R. Bard Price Target

C.R. Bard, Inc. BCR reported 3Q results with slightly lower sales and EPS of $1.43 versus Morgan Keegan's $1.39 estimate. “Given the challenging global health care markets, we view Bard's results favorably,” Morgan Keegan writes. “Although management did not note any improvements in surgical procedure growth, new products with higher ASPs, share gains in hernia, a record gross margin of 63.0%, and strong execution drove the 3Q.” Morgan Keegan said that it continues to see C.R. Bard as a safe investment in a difficult health care tape, and would buy the stock at current levels, adding, “We are raising our price target to $94 from $92. There is no change to our Outperform rating.” C.R. Bard currently trades for $85.14.