|Vascular Solutions (VASC)|
9:42 AM ET May 2, 2005
Adams Harkness initiates BUY. Target $15. Adams Harkness initiates VASC as they estimate the co can drive a two-year revenue CAGR of 40% from 2004 to 2006, given the early stage of existing products, the full product pipeline, and the expanding sales force. They cite catalysts as: 1) continued strong growth in the hemostasis, manual thrombus aspiration, and laser varicose vein markets; 2) a host of product introductions expected in 2H05 and 2006; 3) expanding usage driven by clinical data; 4) nearing profitability with a strong balance sheet; and 5) increasing Street coverage.