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analogdog

05/09/08 12:13 AM

Post #1

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)

ev3, Inc. (EVVV)

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ev3, Inc., a medical device company, focuses on catheter-based technologies for the endovascular treatment of vascular diseases and disorders. It develops, manufactures, and markets a range of products that include stents, atherectomy and thrombectomy products, balloon angioplasty catheters, microcatheters and occlusion balloon systems, embolic protection devices, infusion catheters/wires, embolic coils, and liquid embolics. The company markets its products in the United States, Europe, and Canada through a direct sales force, and through distributors in the United States and international markets. ev3, Inc. has a research collaboration with Merck & Co., Inc. for the analysis of atherosclerotic plaque removed from patient arteries with the goal of identifying new biomarkers of atherosclerotic disease progression and new therapies for atherosclerotic disease. The company is headquartered in Plymouth, Minnesota. Shares Outstanding5: 105.40M Float: 27.60M % Held by Insiders1: 44.16% % Held by Institutions1: 47.90% Market Cap (intraday)5: 1.01B Enterprise Value (9-May-08)3: 908.12M Trailing P/E (ttm, intraday): N/A Forward P/E (fye 31-Dec-09) 1: 20.34