J.P. Morgan Remains Overweight on C.R. Bard

J.P. Morgan released its report today on C.R. Bard

after BCR's annual Investor meeting Monday. In a note to clients, J.P. Morgan writes, "We are raising our December 2011 price target to $95 from $93, with the new target based on the same 13.5x P/E multiple applied to our CY12 EPS estimate. This multiple represents a small discount to Bard's current forward earnings multiple and a premium to the hospital supply group (BAX, BDX, CFN, COV, HSP) forward multiple of 12.5x, which we believe is justified based on Bard's strong cash flow and longer-term growth profile, particularly as the pipeline begins to unfold. We assign our OW rating to BCR shares." BCR closed yesterday at $86.05.