Canaccord Genuity Maintains a 'Buy' on LeMaitre Vascular (LMAT); Mixed Q3; Lowering Price Target
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Price: $81.86 -0.56%
Rating Summary:
8 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on LeMaitre Vascular (NASDAQ: LMAT) price target lowered from $9.00 to $8.50.
Canaccord analyst, Jason R. Mills, said, "Mixed Q3. Vascular growth was solid relative to growth in the broad med-tech group (up 12%) albeit lower than our +18%E. Operating income beat our target per solid expense control. The company is nearly finished with its key strategic initiatives (exiting stent grafts to focus on Vascular, consolidating into one factory, moving to direct distribution in additional geographies) and we think these initiatives will set LeMaitre on a more profitable growth trajectory beginning in 2012. While exit from the stent graft business (which reduces 2012 revenue) had been announced a while ago, we had not fully taken this into account in our model. Excluding the impact from this divestiture, LMAT projects organic growth of 8%, which is solid in this environment. We also expect (but don’t model) LMAT to engage in more tuck-in M&A."
For more ratings news on LeMaitre Vascular click here and for the rating history of LeMaitre Vascular click here.
Shares of LeMaitre Vascular closed at $5.90 yesterday.
Canaccord analyst, Jason R. Mills, said, "Mixed Q3. Vascular growth was solid relative to growth in the broad med-tech group (up 12%) albeit lower than our +18%E. Operating income beat our target per solid expense control. The company is nearly finished with its key strategic initiatives (exiting stent grafts to focus on Vascular, consolidating into one factory, moving to direct distribution in additional geographies) and we think these initiatives will set LeMaitre on a more profitable growth trajectory beginning in 2012. While exit from the stent graft business (which reduces 2012 revenue) had been announced a while ago, we had not fully taken this into account in our model. Excluding the impact from this divestiture, LMAT projects organic growth of 8%, which is solid in this environment. We also expect (but don’t model) LMAT to engage in more tuck-in M&A."
For more ratings news on LeMaitre Vascular click here and for the rating history of LeMaitre Vascular click here.
Shares of LeMaitre Vascular closed at $5.90 yesterday.
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