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 Some interesting comments on BSX stock, which |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
may move its price tomorrow??zt
What about Boston Scientific?
Nudell: I think our view of Boston Scientific [BSX] is that even with reasonably conservative assumptions for the ICD market and the stent market, the earnings of the combined companies [Boston Scientific and Guidant] are not reflected in the current price. Our target is $26 and I think it will get there within this year.
Our concerns with Boston are in the longer haul. We could see the stent market flattening pretty rapidly. New competitors are going to be entering this space. J&J may reinvigorate their stent program. And we're more pessimistic than Medtronic and St. Jude are about the long-term trajectory of the ICD market.
Jenner: I think Bruce is being too conservative on Boston Scientific. I totally agree with him that it is a cheap stock. But I think that it will, over a longer timeframe, climb well north of 26. And the reason I think that is their combined stent share is being underestimated by the Street. And my assumption is for low-to-mid-teen ICD growth. And the pickup that I think Guidant will realize from where their current ICD market share is...let's say that it is now somewhere between 26% and 28%. And let's just say that they can pick up four or five points of market share over the next couple of years. I'm thinking that this company will approach, on a pro forma basis, in 2008, maybe $2 in earnings.
Nudell: We're lower than that.
Jenner: What is your 2008 number then?
Nudell: I think it is around a $1.60 or so.
Jenner: OK, let's split the difference and call it $1.80. In the medical device area, Boston Scientific is one of the few companies where you have a clear pickup in earnings growth and a clear opportunity for multiple expansion. If you put those two factors together, I think you are going to get a stock that is north of $30.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Some interesting comments on BSX stock, which -- ceo/cfo - (1875 Byte) 2006-4-16 周日, 21:42 (1147 reads)
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