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LeMaitre Vascular (LMAT) shares ended the last trading session 5.2% higher at $48.05. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.8% loss over the past four weeks.
Optimism surrounding the Fed’s latest forecast of faster-than-expected U.S. economic recovery is driving the stock. For investors’ note, the Fed raised its 2021 growth forecast for the United States on Mar 17 to 6.5% from 4.2% projected in December, following the $1.9-trillion stimulus package and accelerated vaccine rollout. Investors are also encouraged by the strong first-quarter 2021 guidance which calls for year-over-year earnings growth of 78%.
Price and Consensus
This medical device maker is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of +75%. Revenues are expected to be $35.55 million, up 16.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For LeMaitre, the consensus EPS estimate for the quarter has been revised 3.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on LMAT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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LeMaitre Vascular, Inc. (LMAT) : Free Stock Analysis Report
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