UPDATE: Benchmark Downgrades ICU Medical to Hold on Valuation

In a report published Thursday, Benchmark Company analyst James Terwilliger downgraded the rating on ICU Medical (NASDAQ: ICUI) from Buy to Hold, but reiterated the $69.00 price target.

In the report, Terwilliger noted, “We are lowering our recommendation to Hold from Buy based on valuation as ICU Medical has traded close to our $69.00 price target. Our $69.00 price target represents 20 times our 2013 EPS estimate of $2.80 plus $13.00 in cash per share. We remind investors that ICU Medical has a strong balance sheet with approximately $16.00 in cash per share and no long-term debt. We believe that ICU Medical could be exploring a sale of the company, according to a Bloomberg News report.”

ICU Medical closed on Wednesday at $68.80.