UPDATE: Bank of America Raises PO to $43 and Reiterates Steris at Buy, Bolsters Core Portfolio With New Ultraviolet (UV) Disinfector

Bank of America analyst Erin E. Wilson published a report on Steris

that reiterated its Buy rating and raised the price objective from $42 to $43. Bank America reported that, “Steris launched Pathogon, an ultraviolet (UV) disinfection system for the treatment of surfaces potentially contaminated by health care-associated pathogens across patient treatment and procedural spaces such as the OR, ER, and patient rooms. Pathogon is highly mobile and designed to supplement existing cleaning and disinfection procedures to reduce risks associated with human error and enhance infection control protocols. The system is priced at $70,000 with preventative maintenance contracts at an incremental ~$5,000. STE has launched 32 new innovative products and service offerings over the past 36 months, and while we are making no changes to our EPS estimates, our conviction is higher. We are raising our PO to $43 (from $42) on an increasingly diverse portfolio that should drive rebounding revenue growth near term.” Shares of Steris closed at $39.69 on Thursday.