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Biotech / Medical : analysts and calls -- ML

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From: tom pope	10/3/2006 9:04:32 AM
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Cardiology Update: Drug Eluting Stents (DES) Risk: Downgrading BSX (& Lowering EPS) to Sell & ABT to Neutral. Upgrading STJ to Buy w/ a $42 PT. We commissioned a survey of 50 US interventional cardiologists. Results indicate that DES penetration rates are likely to decline more than we had previously est. The impact on JNJ's total revenue tied to our more conservative DES market assumptions is negligible. But we believe this is largely reflected in STJ's valuation and that the company will continue to gain share from BSX while also benefiting from MDT's considerable expenditures aimed at driving awareness of the need for HP therapy.

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