Wachovia Downgrades LifeCell (LIFC) to Market Perform
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Wachovia downgrades LifeCell (Nasdaq: LIFC) to Market Perform with a $50-$51 valuation range.
The firm's downgrade on LifeCell comes after Kinetic Concepts' (NYSE: KCI) proposal to acquire LifeCell for $1.7 billion. Wachovia believes the deal will be completed by June 30, 2008, which is in-line with KCI's expected completion date.
Wachovia recommends that LifeCell investors begin building a position in Kinetic Concepts as Kinetic trades at a "substantial discount to medical device peers and the broader market at 11x our 2008 EPS estimate."
LifeCell Corporation engages in the development, processing, and marketing of tissue-based products for use in reconstructive, orthopedic, and urogynecologic surgical procedures to repair soft tissue defects in the United States and internationally. [BCS]
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