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CIBC World Upgrades Given Imaging


Given Imaging (GIVN) shares rose after the company posted higher fourth-quarter results. CIBC World upgraded the stock on the news.

Analyst Ittai Kidron tells S&P MarketScope that he is upgrading Given Imaging to sector outperform from sector perform as fourth-quarter revenues significantly beat his and the consensus $11.7 million estimate, and met the company's target of achieving at least 40% year-over-year top-line growth. He believes the company has now reached critical mass. He notes 2 of his key concerns have been eased: the Street estimates are now much lower than before, and M2A capsule usage rate is finally seeing meaningful traction.

Kidron ups his $51.8 million 2004 revenue estimate to $54.2 million, and narrows a 23-cents 2004 loss per share forecast to a 19-cents loss. He set 2005 estimates of 27 cents EPS on $71 million in revenue. He hiked his $13 price target to $26.


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