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BoA Upgrades Biosite Diagnostic to 'Strong Buy'

Banc of America upgraded Biosite Diagnostic (BSTE) to strong buy from buy.

Analyst Ted Huber says he now expects the company to post b-type natriuretic peptide (BNP) revenues higher than previous expected; he raised the 0.18 second quarter earnings per share estimate to $0.19; he has a new $0.70 2002 EPS estimate, which assumes BNP revenue of $31 million. He says trade checks reveal that another doubling of BNP revenue in the quarter is possible. He thinks the BNP market could be over $250 million, and believes if approved for monitoring cognitive heart failure, it will address domestic markets that could total $200 million to $500 million at current test prices. Huber raised the $32 target to $36, at 38 times his new $0.95 2003 EPS estimate.

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