Fantastic day, new high, great news, $54 might even turn out to be the new low.
Wall Street analysts until recently had discounted Medtronic's chances of gaining significant market share in the drug-coated stent market, but sentiment is changing.
Merrill Lynch analyst Timothy Lee on Monday said he expects Medtronic will have 10 percent of the U.S. market and 15 percent of the international market in 2007. Every five percentage points of increased market share would translate into potential earnings of 5 cents to 7 cents, he said.
All, I wish Tim was correct. The only little problem is, according to Bill Hawkins, MDT will not have the stent in the US until Late 07, and that is if 30 day MACE is required. If 9 mo FU is required by the FDA it will be 08. That makes his 10% market share a little hard, don't you think?