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Biotech / Medical : Endosonics(eson)

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To: Asymmetric who wrote (106)	2/15/1998 10:32:00 PM
From: Sam Quentin	Read Replies (1) of 205

Final comments from RCR: "Investion Conclusion - Attractive Entry Point - After our recent visit to ESON's manufacturing facilities, we are more convinced than ever that its advanced IVUS technology represents a stout barrier to entry into the field of competitors. And we are duly impressed with the well-seasoned management team. We also anticipate that entirely new products leveraging this technology are likely to surface in the second half of 1998. For now, the heightened demand for better diagnostic tools that can relieve the burden on the physician during increasing complex, minimally invasive procedures is the primary growth driver. We see the recent sell-off in the stock market, which has pressured the stock price from the mid-teens to the high single digits as an attractive entry point for the long-term investor in search of strong anticipated earnings momentum. We believe the emerging nature of IVUS imaging and Doppler guide wires warrant a premium multiple to 1998 earnings, which are not an accurate portrayal of the earnings potential ESON holds over the next three to five years. For now, we are est a 12 month target price of $17 per share, 45x our 1998 est of $.39 per share.

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