C.R. Bard Upgraded On 2010 Revenue Growth Outlook

NEW YORK (AP) — An analyst for Caris and Co. upgraded medical device maker C.R. Bard Inc. Friday, saying he is growing more confident the company can reach its goal of 10 percent annual revenue growth in 2010.

Analyst Chris Warren upgraded the stock to "buy" from "above average" and raised his price target to $95 per share from $87. He said he expects Bard to benefit from a restructuring of its European business, greater sales of hernia and stent products, and an increased volume of new product launches.

The sales forecast excludes the effects of foreign currency exchanges.

In February, the Food and Drug Administration approved Bard's LifeStent for use in treating blocked arteries in the upper thigh. Warren said Bard is being "aggressive" in trying to boost LifeStent sales in that indication.

He also said he believes the company's pipeline of future products, including a suture designed for use in obesity surgeries, "has home run potential."

Warren forecasts a profit of $5.82 per share for Bard in 2009. On average, Thomson Reuters says analysts expect a smaller profit of $5.68 per share.

In afternoon trading, Bard shares rose 88 cents to $79.87.