Craig-Hallum sees potential for competing Apollo Endosurgery bids

Craig-Hallum analyst Matt Hewitt keeps a Buy rating on Apollo Endosurgery (APEN) with a $14 price target after the company entered into an agreement to be acquired by Boston Scientific (BSX) for $10 per share in cash. "While a take-out has always been our expectation, we are surprised by both the timing and price," Hewitt tells investors in a research note. He believed Apollo would hold out at least another year before entertaining offers. Given the size of the company’s market opportunities, Hewitt would not be surprised if another offer came in over the coming weeks. The analyst sees other potential suitors in endoscope manufacturers Fuji and Olympus, as well as global device players such as Johnson & Johnson (JNJ) and Teleflex (TFX).