S&P REITERATES HOLD OPINION ON SHARES OF INTEGRA LIFESCIENCES HOLDINGS
5/16/12 12:09 PM ET (S&P Capital IQ)
We think anticipated growth in the company's niche oriented medical device markets coupled with improving margins through cost streamlining measures such as the implementation of a new ERP system will enhance operating leverage and profit growth over the coming years. We believe a key element in the growth story will be acquisitions such as the recent SeaSpine and Ascension Orthopedics deals that doubled Integra's share of the spine market. We raise our target price by $4 to $38, applying a peer 12.5X P/E to the Capital IQ consensus '12 cash EPS estimate of $3.04, up from $3.01.
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