Medical device giant Covidien is doubling down on emerging markets, expanding an investment program that the company had, at one point, thought would be over by the end of 2013.
"We are still, in my estimation, under-invested in places like Brazil and South Africa, Mexico as well," Covidien president, CEO and board chairman Jose Almeida said during an interview at the Deutsche Bank Health Care conference late last month. "Despite the fact that we have good investments and good growth in all these businesses, you’ve got to be able to be there in all categories of hospitals."
The Massachusetts medical device maker is below $2 billion in revenue from emerging markets, but hopes to hit that target "as soon as possible," Almeida added.
Broadening its reach in emerging markets is 1 of the "pillars" Almeida cites as Covidien’s ongoing growth strategy, alongside research & development in new technologies, owning a specialty and strategic mergers & acquisitions.
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Analysts’ ups and downs
- Abbott (NYSE:ABT): Jefferies lowers price target from $46 to $44, maintains “buy” rating
- Cooper Cos. (NYSE:COO): BMO Capital Markets reiterates "outperform" rating, raises price target from $120 to $130
- Cyberonics (NSDQ:CYBX): Northland Capital Partners upgrades from "under perform" to "market perform" rating, raises price target from $40 to $44
- Dexcom Inc. (NSDQ:DXCM): Wunderlich downgrades from “buy” to “hold” rating.
- Edwards Lifesciences (NYSE:EW): Zacks downgrades from “neutral” to “underperform” rating
- Edwards Lifesciences (NYSE:EW): Credit Suisse upgraded from “neutral” to “outperform” rating
- Endo Pharmaceuticals (NSDQ:ENDP): Jefferies raises price target from $37 to $45, maintains “buy” rating
- Endo Pharmaceuticals (NSDQ:ENDP): Leerink Swann upgrades from a “market perform” rating to an “outperform” rating.
- Endo Pharmaceuticals (NSDQ:ENDP): Cantor Fitzgerald downgrades from “hold” to “sell” rating, lowers price target from $36 to $30
- Fresenius (NYSE:FMS): Barclays Capital upgrades from “equal weight” to “overweight” rating
- Haemonetics (NYSE:HAE): William Blair initiates coverage with “outperform” rating
- Hologic (NSDQ:HOLX): ISI Group raised their price target from $24.00 to $24.50
- Hologic (NSDQ:HOLX): Bank of America reiterates "neutral" rating
- Insulet (NSDQ:PODD): Wunderlich downgrades from "buy" to "hold" rating
- Insulet (NSDQ:PODD): UBS AG downgrades from "buy" to "hold" rating
- Insulet (NSDQ:PODD): Janney Montgomery Scott initiates coverage with a "buy"rating
- Johnson & Johnson (NYSE:JNJ): Jefferies lowers price target from $97 to $91, reiterates “hold” rating
- Philips (NYSE:PHG): Barclays Capital upgrades from “equal weight” to “overweight” rating
- Smith & Nephew (FTSE:SN, NYSE:SNN): Jefferies Group reiterates "buy" rating
