UPDATE: Bank of America Raises Integra Lifesciences' PO

According to a research report published this morning, Bank of America has increased Integra Lifesciences' IART PO from $26 to $36. In the report, Bank of America said, "IART has recently run through our PO. and given our view that earnings expectations are now low enough, and given our sense that end markets are stable we are raising our PO on IART to $36. Today, IART trades at 13.5x our 2013 estimate (we include amortization expense) and 7.6x EBITDA. On EBITDA, IART trades directly in line with many other medtech stories with mid-single digit revenue growth prospects." Bank of America maintains its Neutral rating on Integra Lifesciences, which closed yesterday at $32.39.