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USB Piper Ups Inamed to 'Outperform'

USB Piper upgraded Inamed (IMDC) to outperform from market perform.

Analyst Thomas Gunderson says the results were four cents better than his cash earnings per share forecast. He says the strong quarter stemmed the tide of market share losses in Inamed's all-important breast implant business, which accounted for 57% of 2002 revenues. After three quarters of losing breast implant share to Mentor Corp., the company reported 17.5% breast implant growth vs. Mentor's 16% growth.

Gunderson notes the facial implant business grew 10%-11%, while the health unit came in at the high end of Inamed's guidance. He sees $2.32 2003 cash earnings per share, and $2.66 for 2004. Gunderson raised his $31 target to $35.

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