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First Albany Keeps 'Buy' on Exactech


First Albany reiterates buy on Exactech (EXAC ).

Analyst William Plovanic says first quarter revenues of $18 million beat his expectations, while the 14 cents earnings per share was in line. He raised the $71.3 million 2003 revenue estimate to $72.1 million to reflect first quarter outperformance, but maintains his 2003 earnings per share estimate at 58 cents.

Plovanic expects growth in 2003 to be driven by improvements in the distribution channel, including synergies from Exatech's agreements with Link and Regeneration Technologies, and incremental new additions to its hip and knee product lines. He raised his $11.75 target to $14.50.


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