Natixis Bleichroeder Initiates Coverage on AGA Medical (AGAM) with a Buy
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Natixis Bleichroeder initiates coverage on AGA Medical (Nasdaq: AGAM) with a Buy. Price target $20.
Natixis analyst says, "With over 75% estimated market share, over ten years of clinical experience, and over 1,500 clinical publications, AGAM is uniquely positioned to maintain its leadership among interventional cardiologists and to leverage its reach and reputation. Our discussions with physicians about the safety and efficacy of AGAM’s devices give us confidence that the company’s leading market position is not at risk...As we expect AGAM to maintain its market leadership position, we continue to expect it to grow its base business through an increasing amount of endovascular procedures, and by increasing efficiency of its sales force – both through the recent acquisitions of international distributors and through the maturity of its U.S. cardiology and peripheral vascular sales force. Additionally, the company recently introduced its Cardiac Plug for Left Atrial Appendage occlusion outside the U.S. and has meaningful product introductions planned for the next several years...Near term, we expect earnings growth to be driven primarily through sales growth, as the company continues to invest in both clinical trials and SG&A for manufacturing, legal and infrastructure build. Recent acquisitions of distributors plus a weaker than expected U.S. dollar should also boost earnings growth. Longer term, AGAM is well positioned to leverage its infrastructure – both from an R&D and an SG&A perspective – to deliver earnings leverage over the next few years."
To see all the upgrades/downgrades on shares of AGAM, visit our Analyst Ratings page.
AGA Medical Holdings, Inc., through its subsidiary, manufactures and markets medical devices and accessories for the treatment of cardiovascular defects and peripheral vascular diseases.
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