As previously reported, Morgan Stanley upgraded Teleflex to Overweight from Equal Weight with an unchanged price target of $261. Due to changes in the reimbursement landscape for radiotherapy in the U.S., the firm thinks Teleflex’s acquisition of Palette could surprise to the upside mid-term, the analyst tells investors. A shift to higher dose rates, as well as better soft tissue imaging, materially increases the relative value of rectal spacers like the one produced by Palette, the analyst added. In addition, the firm thinks shares have largely moved past concerns around UroLift, which is becoming a smaller part of the business, and sees the core base business as “in strong shape.”
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