analogdog
17 years ago
UPDATE 1-RESEARCH ALERT-Friedman raises Ev3 to outperform
Mon May 5, 2008 8:17am EDT
May 5 (Reuters) - Friedman Billings Ramsey upgraded Ev3 Inc (EVVV.O: Quote, Profile, Research) to "outperform" from "market perform," saying the medical device maker's shares should outperform in the next 12 months as the new chief executive executes on turning around the athrectomy business.
The brokerage, which has a price target of $12 on the stock, said the company's 2008 revenue outlook looks conservative and cost-cutting measures could make Ev3 profitable by the end of 2008.
Shares of Ev3 closed at $8.71 on Nasdaq Friday, when the company posted a wider-than-expected loss in the first quarter. (Reporting by Aditi Samajpati in Bangalore; Editing by Amitha Rajan)
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