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Here are highlights from Friday's Analyst Blog:
Masimo Trades Near Fair Levels
Masimo Corporation's (Nasdaq: MASI | Quote | Chart | News | PowerRating) Q109 results were strong, with solid revenue and EPS growth. In our recent report on the company, we note the current price trades at a P/E/G multiple of 1.3x for 2009, greater than both the industry mean and the comparables' mean P/E/G multiple of 1.2x.
The company's stock deserves to trade at a 15% premium to the comparables' mean P/E/G multiple. This equates to a P/E of 28.7x and a target price of approximately $25.55. We reiterated our 'Hold' rating for this stock.
Gentiva's New Healthy Acquisition
On June 24, 2009, Gentiva Health Services (Nasdaq: GTIV | Quote | Chart | News | PowerRating) announced it had acquired Mid-State Home Health, one of central Louisiana's top-three home healthcare providers.
Established in 1991, Mid-State covers a 50-mile radius from its base in Alexandria that extends across 11 parishes in central Louisiana. Gentiva does not currently operate in this coverage area, but does provide services in an adjacent area.
Bed Bath & Beyond Beats
On June 24, Bed Bath & Beyond, Inc. (Nasdaq: BBBY | Quote | Chart | News | PowerRating) released earnings results for the first quarter ended May 30, 2009.
The company performed above expectations. It reported a net income of $87.2 million or $0.34 per share, compared to $76.8 million or $0.30 per share the same quarter a year ago, thus beating the consensus EPS estimate by 9 cents. The company has beaten consensus estimates in each of the last three quarters.
Palm Posts Upbeat 4Q Results
Palm, Inc. (Nasdaq: PALM | Quote | Chart | News | PowerRating) fourth quarter 2009 results beat Wall Street's expectations as well as ours. The company reported fiscal fourth quarter (May 31) revenue of $86.8 million, down 4.2% from the third quarter of 2009 and a sharp decline of 70.7% from the fourth quarter of 2008.
Although revenue fell sharply in the quarter it exceeded our expectation of $75.0 million as well as consensus estimates of $80.3 million. This was due to strong demand for its recently unveiled Palm Pre. Revenue performance in the quarter was also positively impacted by the strong domestic and international carrier interest in the Web OS platform and ramp up of Treo Pro shipment.
NIKE Ties Ends, Keeps Running
NIKE, Inc. (NYSE: NKE | Quote | Chart | News | PowerRating) reported mixed financial results for the fourth quarter and full year ended May 31, 2009. Fourth quarter results affected both top and bottom lines, mainly on account of the global economic slowdown leading to lower consumer spending and foreign exchange volatility.
At the same time, NKE displayed prudent inventory management (inventory is down 3% year-over-year), and cornered another incremental slice of the market.
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