Broker upgrades

Today afr .
Goldman Sachs retains a "buy" on Sirtex Medical and a target price at $40 a share and Macquarie Wealth Management maintains an "outperform" recommendation and a target price of $42. Chief executive Gilman Wong said at the AGM this week that the company expects FY16 dose sales growth for its targeted radiation cancer treatment to grow "at least" 20 per cent with year to date sales tracking ahead of expectations. The company also revealed sales of 1000 doses in September, which would suggest sales of 12,000 for FY16 (FY15 = 10,000) The company also advised: "Over the next few months, it is our intention to provide greater detail to our investors on our R&D pipeline and the opportunity it represents. As new technologies move through proof-of-concept testing to clinical studies, it is important for our investors to have a greater understanding of the potential of these technologies, and their prospects to create substantial value for Sirtex." The company also flagged entry to both the Chinese and Japanese markets, although cautioned it would take a few years to fulfil the various regulatory requirements. It confirmed there were no developments with regard to any possible takeover. Macquarie said that guidance provided at the AGM not only confirmed that the company's growth remained well on track "but more importantly suggests that the SIRFLOX study has been greeted positively by prescribing clinicians". A falling Australian dollar also adds to the Sirtex bottom line as most of its sales are made in the US (+74 per cent) and Europe (20 per cent).

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