Morgan Keegan Maintains Outperform on C.R. Bard

Morgan Keegan is out with its report today on C.R. Bard BCR, maintaining Outperform. In a note to clients, Morgan Keegan writes, "This evening, Bard announced that it has reached agreements in principle with plaintiff's law firms to settle the majority of its existing hernia product claims primarily with respect to the Composix Kugel product. With the agreements, Bard has been able to extrapolate all claims against the company assuming plaintiff's agree to the terms. Bard will record a 2Q charge of $184 mn. Given the strong cash position and the charge representing just 2% of the market cap, we believe that putting the issue behind the company is a positive. There are no changes to our estimates, Outperform rating, and $115 price target." Shares of BCR closed Thursday at $109.86.