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In a report released today, Michael Matson from Needham upgraded Teleflex Inc (NYSE: TFX) to Buy, with a price target of $300. The company’s shares closed on Friday at $248.15.
Matson observed:
“We hosted investor meetings in Montreal with TFX’s CEO and Relations last week. We come away from the meetings with increased confidence in TFX’s 2H18 outlook, we see several potential sources of upside in 2019, and believe that the margin story remains intact. We view TFX as a key long-term holding given its sustainable above-peer revenue and EPS growth and, given its post-2Q18 share price decline, we are upgrading TFX to Strong Buy from Buy.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 14.3% and a 63.5% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Currently, the analyst consensus on Teleflex Inc is a Strong Buy with an average price target of $294.75.
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Based on Teleflex Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.5 million. In comparison, last year the company had a net profit of $78 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is neutral on the stock.
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Teleflex, Inc. provides medical technology products which enables healthcare providers to improve patient outcomes and enhance patient and provider safety. The company designs, develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications. It operates through the following business segments: Vascular North America, Interventional North America, Anesthesia North America, Surgical North America, Europe, the Middle East and Africa (EMEA), Asia and Original Equipment Manufacturer and Development Services (OEM). The Vascular North America segment products facilitate a variety of critical care therapies, including the administration of intravenous medications and other therapies and the measurement of blood pressure and taking of blood samples through a single puncture site. The Interventional North America segment is comprised of the North American component of Vascular Solutions business. The Anesthesia North America segment provides products for clinicians working primarily in emergency rooms, surgery and critical care settings. The Surgical North America segment products are predominantly comprised of single-use products, including ligation clips and closure products; appliers and sutures used in a variety of surgical procedures; access ports used in minimally invasive laparoscopic surgical procedures, including robotic surgery, and fluid management products used for chest drainage. The EMEA segment designs, manufactures and distributes medical devices primarily used in critical care, surgical applications and cardiac care and generally serves two end markets: hospitals and healthcare providers, and home health. The Asia segment designs, manufactures and distributes medical devices primarily used in critical care, surgical applications and cardiac care and generally serves hospitals and healthcare providers. The OEM segment designs, manufactures and supplies devices and instruments for other medical device manufacturers. Teleflex was founded in 1943 and is headquartered in Wayne, PA.
