Piper Jaffray Comments On C.R. Bard Q1 Results

According to Piper Jaffray, C.R. Bard (NYSE: BCR) met Q1 revenue and exceeded EPS expectations with $700 M (up 7.4% cc) producing $1.51 in adjusted EPS.

Piper Jaffray said that despite the $0.04-$0.05 earnings beat, management maintained 2011 EPS guidance at 14%, or $6.38/share, noting their propensity to invest "excess" earnings. “Q2 guidance of $1.53-$1.57 EPS is below ours and the Street's previous expectations of $1.59. We have increased our R&D expense assumptions, but point out that ramping R&D quickly in mature, large caps is often easier to model than to do. With a solid start, potential for upside and a history of lower than average risk, we are raising our target on BCR to $104/share, but maintaining our Neutral rating as we believe BCR may be at the top of a near term trading range.”

C.R. Bard closed the previous trading day at $21.32.