Markets & Finance

CIBC Upgrades Mentor Corp.

CIBC World upgrades Mentor Corp. (MNT) to sector outperform from sector perform.

Analyst John Calcagnini bases his upgrade on an FDA panel recommendation to approve the company's silicone gel breast implant premarket approval with nine conditions by vote of 7 to 2.

He sets a $43 target, which is 50% probability weighted based on two potential scenarios: 1) FDA approving silicone premarket approvals of both Inamed, excluding Style 153 and Mentor, or 2) the FDA not approving either company's silicone implants.

Calcagnini says, should Mentor receive FDA approval and Inamed not get approval, Mentor stock should be valued somewhere north of $53 per share as the company gains market share.

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