AFR - today. BP has been very cautious on SRX for some time. But appears to be warming to a move away from HOLD. Note they have not moved on their targets for sales revenue.
'Bell Potter maintains a "hold" recommendation on on Sirtex Medical and raised its target price on the biotech to $31.71 a share, from $28.56 previously. The biotech last week reported a 36 per cent rise in revenue for the year to a record $176.1 million on the back of stronger sales and price increases. "We have upgraded NPAT by 11 per cent in FY16 and 14 per cent in FY17. The majority of these changes are driven by adjustments to expense associated with clinical trials and other expenses. Changes to revenues are negligible. The target price is increased by 11 per cent to $31.71 as a result of changes to forecast earnings."
Bell Potter small increase in target price.
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