C.R. Bard Stock Rating Lowered by Bank of America (BCR)
C.R. Bard (NYSE:BCR) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, American Banking News reports. They currently have a $150.00 price objective on the stock. Bank of America’s price target points to a potential upside of 3.99% from the company’s current price.
The analysts wrote, “We are moving our rating on BCR to Neutral from Buy today for two reasons. First, the stock has only 1% upside to our $150 PO. And second, the one year data presented from MDT’s drug eluting balloon trial this weekend was better than we expected and the MDT data set raises the bar for BCR. We are not making any changes to our BCR model or to our assumptions for BCR’s drug eluting balloon revenue, but our $150 PO already assumes BCR has a successful drug eluting balloon launch and program. “We continue to believe that BCR’s trial will show separation of the TLR curves over time, but at this point we have no justification for raising our PO. Importantly, If BCR’s drug eluting balloon data turns out to be as clean as MDT’s, it may suggest upside to our drug eluting balloon market assumptions, which could cause us to reassess our valuation assumptions for BCR.”
A number of other firms have also recently commented on BCR. Analysts at BofA Merrill Lynch downgraded shares of C.R. Bard from a “buy” rating to a “neutral” rating in a research note on Monday. They now have a $150.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of C.R. Bard in a research note on Wednesday, March 19th. They now have a $153.00 price target on the stock. Finally, analysts at Ned Davis Research upgraded shares of C.R. Bard from a “neutral” rating to a “buy” rating in a research note on Monday, March 10th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. C.R. Bard currently has a consensus rating of “Hold” and an average target price of $138.40.
C.R. Bard (NYSE:BCR) traded down 1.69% during mid-day trading on Monday, hitting $141.81. 185,650 shares of the company’s stock traded hands. C.R. Bard has a one year low of $97.61 and a one year high of $150.13. The stock’s 50-day moving average is $144.6 and its 200-day moving average is $134.5. The company has a market cap of $11.001 billion and a P/E ratio of 17.19.
C.R. Bard (NYSE:BCR) last posted its quarterly earnings results on Thursday, January 30th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.01. The company had revenue of $791.30 million for the quarter, compared to the consensus estimate of $782.28 million. Analysts expect that C.R. Bard will post $8.15 EPS for the current fiscal year.
C. R. Bard, Inc (NYSE:BCR) is engaged in the design, manufacture, packaging, distribution and sale of medical, surgical, diagnostic and patient care devices.
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