Morgan Keegan: C.R. Bard's Stent Approval to Have Manageable Impact

According to a research report published earlier today by Morgan Keegan, Covidien's (NYSE: COV) Peripheral Vascular Stent is already competing with C.R. Bard (NYSE: BCR).

In the report, Morgan Keegan mentioned, “Covidien announced FDA clearance of the superficial femoral artery and proximal popliteal artery indications for the EverFlex self-expanding stent. With $50-$100 mn sales potential, the approval is a slight positive for Covidien. The expanded indication for EverFlex is an incremental negative for Bard, in our opinion. That said, the expanded indication was not unexpected and incorporated in Bard's 2012 guidance, although the clearance was somewhat earlier than expected. There is no change to our Outperform rating on Bard and $105 price target.”

C.R. Bard is currently trading at $93.11. Covidien is currently trading at $51.68.