BA Robertson Stephens Said Buy (back in Nov).
Didn't See This Posted Before
Wednesday November 26, 10:53 am Eastern Time
Company Press Release
SOURCE: BancAmerica Robertson Stephens
BancAmerica Robertson Stephens Initiates Coverage on Endosonics With a Buy Rating
SAN FRANCISCO, Nov. 26 /PRNewswire/ -- BancAmerica Robertson Stephens research analyst Jeff Barnes initiated coverage today on
Endosonics Corporation (ESON) with a Buy rating. Endosonics designs and produces ultrasound imaging systems and catheters specifically for
intravascular imaging. The company's recent acquisition of Cardiometrics, the leading supplier of intracoronary functional measurement products,
is expected to further enhance their position in the cath lab sector.
''Endosonics is an outstanding value in a pure-play interventional cardiology company,'' said Barnes. He expects Endosonics to grow at 35% to
40% garnering market share and challenging the number one player, Boston Scientific (BSX). As the clinical utility of intravascular ultrasound
imaging (IVUS) continues to gain acceptance, Barnes believes that Endosonics is an excellent acquisition candidate for one of the many
broad-based cath lab supply companies.
Barnes' EPS estimates for 1997 and 1998 are $0.12 and $0.40 respectively. ''With an under-penetrated market, superior technology, improved
reimbursement, and clinical trials further justifying use, we see shares of Endosonics rising to the $18 level by the end of 1998,'' Barnes said.
On a procedural basis, Barnes expects the IVUS sector to expand at 25% to 30%, potentially reaching $350 million in annual sales of disposable
imaging catheters used in the diagnosis and treatment of coronary artery disease.
BancAmerica Robertson Stephens is a leading international investment banking firm focused on emerging growth companies. The firm's 45 senior
research analysts cover over 500 companies.
(Note that Volpe Welty's price target from last year was $21) |
