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Bull of the Day

Medicines Company (MDCO) was upgraded from Neutral to Outperform following a solid earnings report and positive earnings surprise. The beat was positive but we are also excited by the progress in the pipeline for the second half of the year.

We expect Angiomax to continue performing well. The resolution of the Angiomax patent extension case was a major boost for the company. The company s settlement agreements with Teva and APP regarding Angiomax are also positive events.

MDCO reported second quarter earnings of $0.38 per share. Second quarter earnings were well above year ago earnings of $0.18 per share. The Zacks Consensus Estimate for the second quarter earnings was $0.17 per share. Earnings were boosted by strong revenues.

The stock is currently trading at 22.2x our 2012 earnings estimate. Our $30 target price is based on 26.8x multiple of our 2012 earnings estimate.

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