Piper Jaffray reiterates an Overweight rating on Cantel Medical (NYSE: CMN), and raised the price target to $60.00 (from $49.00), following 3Q15. CMN reported sales of $141.5M, which was $5.5M above forecast. Earnings were $0.35, 2 cents above estimates.

Analyst Thomas Gunderson commented, "Strong sales growth of 18% was led by the Endoscopy (up 35%) and Water Purification & Filtration (up 17.5%) divisions. The addition of the direct sales organizations in the UK, Germany and Italy as well as new product launches and enhancements have all contributed to the impressive growth in the endoscopy division. Additionally, the expanding installed base of automated endoscope reprocessors (AERs) is expected to grow operating margins from sales in the complementary disposable chemistries business. Management also noted that strength in the US endoscopy division was driven by the recent reorganization of the sales and management teams. In 3Q15 CMN added 25 professional positions (sales, marketing, etc.), with plans to add another 20-25 positions by the end of this FY. Organic sales of 14% in the Water Purification & Filtration business were driven by strong shipments of capital equipment as well as consumables & service, with operating profit growth of 20% stemming largely from a more favorable sales mix in the higher margin filter & sterilant products."

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Shares of Cantel Medical closed at $52.00 yesterday.