UPDATE: Bank of America Raises PT on C.R. Bard Following CEO/CFO Meetings

In a report published Thursday, Bank of America analyst Bob Hopkins reiterated a Buy rating on C.R. Bard (NYSE: BCR), and raised the price target from $125.00 to $140.00.

In the report, Bank of America noted, “We are raising our PO for BCR to $140 today after our recent meetings with BCR's CEO and CFO. Our higher PO is based on our increased confidence in BCR's financial outlook. BCR remains broadly out of favor, but we see a clear pathway to accelerating growth and upside to numbers and we view the risk reward on near term catalysts as very favorable. BCR trades at 11.8x our view of BCR's potential 2015 cash earnings power and the average medtech company trades at about 12.3x 2015 cash EPS. We argue BCR is an accelerating growth story with a better than average growth outlook, similar risk and near term catalysts.”

C.R. Bard closed on Thursday at $114.15.