Deutsche Bank maintains a 'Hold' on Aspect Medical Systems (ASPM); Raises PT on Covidien (COV) Acquisition Announcement
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Deutsche Bank maintains a 'Hold' on Aspect Medical Systems (Nasdaq: ASPM), raises price target from $6.50 to $12.
Deutsche analyst says, "We are increasing our price target on ASPM shares from $6.50 to $12, which equals the aquisition price announced this morning by Covidien (NYSE: COV) (Buy rated $51PT). The net takeout price of $210 million translates to about 2x current year sales, which we believe is a fair multiple, and we do not anticipate other bids for Aspect. We believe the deal makes strong strategic sense for Covidien, given Aspect's robust gross margins (76% range) and Covidien's ability to rationalize a significant portion of Aspect's G&A...Risks include slower-than-expected uptake of the BIS systemand disappointing data from the company's clinical trials. Risks to the upside include strong data from the company's various R&D projects, a possible higher bid from another suitor."
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