Robertson Stephens Reiterates Buy Rating, Raises Price
Target on GDT
Thursday March 23, 4:49 pm Eastern Time
Company Press Release
SAN FRANCISCO--(BUSINESS WIRE)--March 23, 2000--Robertson Stephens Senior Medical Technology Analyst Wade H. King, M.D. today maintained his Buy rating and raised his price target on Guidant Corporation (NYSE:GDT - news). Based in Indiana, Guidant is a leading developer of medical devices designed to treat cardiovascular disease.
``We are reiterating our Buy rating and increasing the price target to $78 on Guidant Corporation, after the company announced the international launch of their new dilation catheter,' said King. ``The CrossSail rapid exchange (RX) balloon angioplasty catheter has the smallest profile of any RX catheter on the market and offers a number of enhanced design features. We anticipate FDA-approval and product launch of the CrossSail in the United States later this year.'
``In addition, we expect strong performance from PRIZM and TRISTAR, Guidant's new product platforms,' said King. ``It is our opinion that these new product offerings will allow Guidant to continue to gain share in the respective ICD and coronary stent marketplaces.'
``By the end of 2000, we anticipate shares of Guidant will be trading at 40 times our 2001 earnings per share estimate of $1.95, yielding our new price target of $78,' said King.
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. In 1999, the firm completed 218 public offerings and 66 private offerings, raising more than $40 billion in capital for clients. In addition, the firm advised on over 85 M&A transactions in 1999 with an aggregate value in excess of $60 billion. The firm's 47 equity research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE: FBF - news) and a member of the NASD and all major exchanges. Together, Robertson Stephens, FleetBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen
Securities Ltd. has over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago,
London, Munich and Tel Aviv.
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