Jefferies Comments on Teleflex's Leadership Change (TFX)

Jefferies is out with its report today on Teleflex TFX, after former CEO Jeffrey Black unexpectedly resigned. In a note to clients, Jefferies writes, "We believe that the unexpected departure indicates the change was more driven at the Board level as opposed to being led by Jeff Black himself. Given the move toward medical device pure-play, Jeff's replacement with Benson seems a telegraphed prescription given the former's expertise outside of med-tech experience and the latter's deep experience within the healthcare sector. " Jefferies has a Buy rating and $63 price target on TFX. Shares of TFX closed Monday at $57.32.