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First Albany upgraded its investment recommendation on Foxhollow Technologies (FOXH
) to buy from neutral.
Analyst Jason Mills said he wouldn't be surprised to see device reorder rates tick up in the third quarter. He believes concerns of potential new rivals heading into transcatheter cardiovascular therapeutics (TCT) were overblown. He sees potential near-term catalysts, such as third quarter revenue above the consensus of $35.3 million, guidance of $32 million to $34 million, profitability one quarter early, and 2006 revenue guidance above the consensus of $211 million. He set his near-term stock price target of $51, with 15% upside from yesterday's $44 close. He thinks there is an upward bias to 2006 estimates of 51 cents earnings per share on $215.9 million revenue, and sees $1.01 2007 earnings per share estimates on $275.1 million revenue.