Jesup & Lamont Initiates LeMaitre Vascular (LMAT) with a Buy
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Jesup & Lamont initiates coverage on LeMaitre Vascular (NASDAQ: LMAT) with a Buy rating and a $6 price target.
The firm said, "The increasing incidence and diagnosis of peripheral vascular disease is driving the need for peripheral vascular devices and creating significant opportunities for this small cap vascular device consolidator. The peripheral vascular industry, a $3 billion market in 2007, is being driven by demographics, lifestyle (smoking, obesity, diabetes) and the "endovascular revolution" (minimal invasive surgery). In 2007, the company achieved revenue growth of 20% with gross margins of 74%, made four acquisitions and launched four additional products. With favorable industry dynamics at their back and trading at a discount to peers (less than 1x sales); LeMaitre is at an attractive entry point for risk-tolerant investors. We expect continued top-line growth and eventual profitability (at around $60 million in revenues) to drive institutional interest."
LeMaitre Vascular provides medical devices for the treatment of peripheral vascular disease.
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