Jefferies Maintains a 'Hold' on Kensey Nash (KNSY); Raising Numbers on Settlement, But Share Look Fully Valued

Jefferies maintains a 'Hold' on Kensey Nash (NASDAQ: KNSY) price target raised from $21 to $28.

Analyst, Raj Denhoy, said, "KNSY settlement with STJ regarding Angio-Seal royalties and extension of the collagen supply agreement eliminates uncertainties surrounding nearly onethird of annual revenues. The increased visibility is reflected in reinstated F12 and preliminary F13 guidance. We are taking estimates and PT higher but staying at Hold given run-up in shares."

"Our F12 estimates go to $88.8mm (+24.0%) and $1.61 (+3.2%) from $87.7mm (+22.4%) and $1.37 (-12.2%) while our F13 estimates go to $99.5mm (+12.0%) and $2.02 (+25.5%) from $88.1mm (+0.4%) and $1.75 (+27.7%). Our revised F12-F13 estimates now reflect Angio-Seal royalties of $14.6mm and $13.0mm up from $11.4mm and $6.4mm."

For an analyst ratings summary and ratings history on Kensey Nash click here. For more ratings news on Kensey Nash click here.

Shares of Kensey Nash closed at $30.20 yesterday.

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