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ST Robinson Humphrey Upgrades Conceptus

ST Robinson Humphrey upgrades permanent birth control manufacturer Conceptus Inc. (CPTS) to buy from neutral and sets a $9 target.

Analyst Amit Hazan says the company's peer American Medical Systems announced a plan to buy privately held Ovion Inc. Due to settlement agreement in 2003, he says Conceptus has a 30-day right of first refusal to buy Ovion and has patent litigation against Ovion.

He thinks the company could create a cash infusion from this event by negotiating with American Medical Systems to waive their option to acquire and settle litigation. Or the company could acquire Ovion, licensing technology.

Hazan also learned UnitedHealth Group is planning to reconsider its reimbursement for the Essure procedure at an upcoming meeting. He sees an 86-cent 2005 loss and trims his 51-cent 2006 loss estimate to a 44-cent loss.

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