Susquehanna Maintains a 'Positive' Rating on Micrus Endovascular (MEND); Long-Term Story Remains Intact

November 6, 2009 11:50 AM EST

Susquehanna maintains a 'Positive' rating on Micrus Endovascular (Nasdaq: MEND), raises price target to $17.

Susquehanna analyst says, "We are maintaining our Positive rating on Micrus Endovascular (MEND) following the release of FY2Q10 results, the company's third consecutive quarter in the black. We note that late last year, most (ourselves included) viewed the company's plans for profitability with a somewhat skeptical slant, but following the past three releases, it seems that it is now fair to call the performances in aggregate a solid trend - that should likely continue going forward...MEND maintains a leadership position in the minimally invasive hemorrhagic stroke market via its proprietary coils (particularly its premium priced Cerecyte bioactive and softer Deltpaq products), and has also begun to expand its overall neuro footprint by targeting the much larger ischemic stroke market (7-8x the patient population), with several early stage shots on goal. Given MEND's multiple neurovascular products that have potentially superior features, a growing non-embolic portfolio (non-coil revenue only about 5-7% today), and the fact that every stand-alone coil producer has been acquired in the past, we believe the long-term story here remains intact."

To see more analyst ratings on MEND Click Here.

Micrus Endovascular Corporation develops, manufactures, and markets implantable and disposable medical devices to treat cerebral vascular diseases.

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