Biosensors: Nomura reiterate Buy, and increase TP to $1.76 from $1.59, tipping a robust quarter. Raise earnings estimates by 7-23% to reflect strong 1Q12 results, strong mkt share gains in Jap and continued progress in Biomatrix sales globally.
Catalyst wld be further gains in Japan, CE mark approval for BioFreedom, SFDA approval in China and strong clinical trial data for BioFreedom when new data is released at the end of this yr. Current valuation of 16x FY12F P/E and 12xFY13F P/E is undemanding, given its strong growth prospects and enhanced balance sheet. Expect group to embark on M&A to further strengthen its position in the DES space and other product adjacencies.
No comments:
Post a Comment