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Robertson Stephens Upgrades VISX to a Strong Buy Rating from a Buy
Business Wire - October 19, 1999 10:03
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 19, 1999--Robertson Stephens Senior Medical Device and Medical Technology Analyst Wade H. King, M.D., a 1999 Wall Street Journal All-Star Analyst, today upgraded VISX, Inc. (NASDAQ:VISX) to a Strong Buy rating from a Buy. VISX, headquartered in Santa Clara, Calif., is a leading manufacturer of excimer laser systems used to perform laser vision correction (LVC) procedures.
"We are upgrading our rating on VISX to a Strong Buy rating from a Buy, based on the current valuation, the company's phenomenal top- and bottom-line growth and the strong fundamentals of VISX's core business," said King. "Shares of VISX are down more than 35 percent from highs established earlier this year, presenting investors with an excellent buying opportunity, in our opinion."
"Clearly, domestic LVC procedures continue to grow at a phenomenal pace, with VISX capturing the dominant domestic market share," said King. "Laser system sales have also been stronger than expected, as doctors seek to expand their practice capabilities and laser centers continue to add laser systems."
"In our opinion, VISX is in the best position to capitalize on strong LVC growth, given the company's broad regulatory approval, strong customer service organization and established track record," said King. "We believe that VISX is a core holding for investors in medical device and technology companies.' |
