Sky Capital LLC Investment research issues "STRONG BUY" on PolyMedica
12-Month Price Target of $40
July 9, 2002 (NEW YORK, NY) - Sky Capital LLC, an investment research and banking firm with offices in New York and London, today initiated research coverage of PolyMedica Corporation (NASDAQ:PLMD) with a "Strong Buy" recommendation.
The report, prepared by the firm's director of research Sharon di Stefano, cited PolyMedica's outstanding revenues and earnings gain over the past three years and established a 12-month price target of $40 per share. PLMD closed July 8 at $24.99 per share.
Ms. di Stefano's report noted the company's annual revenues and earnings growth rates over the past three years of 33 percent, respectively, were due largely to its subsidiary, Liberty Medical, a national distributor of diabetic supplies to medicare beneficiaries.
She cited that the company's stock currently trades at a greater than 40 percent discount to the mean P/E of a peer group.
PolyMedica Corporation, headquatered in Woburn, Mass., is a medical products and services company with the leading franchise in the distribution of diabetic supplies to type 1 and type 2 senior adults.
Sky Capital LLC is the investment arm of Sky Capital Holdings, Ltd., which recently became a publicly traded company on the AIM market in London
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