Biosensors

Biosensors: Goldman Sachs initiates at Buy with TP $1.48, says with the stock trading at a two year low and 19% discount to global peers, it has fuly priced in a potential decline in Japan sales after the latest price cuts. Believes the risk / reward is skewed to the upside based on potential for, i) strong growth in the EU (+8%), APAC / Latam (+21%) and China (+15%), driving a 16% earnings CAGR over FY13-15e on mkt share gains, and ii) regulatory approvals for BioFreedom in the EU and BioMatrix in China, which would be catalysts for re-rating.