瑞信-美股-医疗用品与设备行业-美国医疗供应与设备：2019年Q2投资者信心调查-2019.7.9.pdf

《瑞信-美股-医疗用品与设备行业-美国医疗供应与设备：2019年Q2投资者信心调查-2019.7.9.pdf》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、U.S.MedicalSupplies&Devices2Q19InvestorSentimentSurvey9July2019EquityResearchAmericasResearchAnalystsMattMiksic212-325-4381matt.miksic@credit-suisse.comVikChopra212-325-1749vik.chopra@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSUR

2、ES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofth

3、isreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ExpectationsTemperedSlightlyComparedtoQ2Q2EarningsExpectedtobe‘MoreIn-Line’thanLastQuarter-Respondents’expectationsforQ2appeartomoretemperedvs.lastquarter,witharound1/3expec

4、tingthegrouptobeat,vs.½ofrespondentsheadingintoQ1.Inaddition,norespondentsinQ1expectedthegrouptomiss,butasmallpercentageoflong-onlyrespondentsraisethisconcernaboutQ2.ABT,EWandZBHRankHighestasMostFavoriteNames–Interestingly,MDTwasunchangedinouroverallsectorrankingat#

5、6thisquarter,butjumpedfrom#5to#2forlong-onlys,andfellfrom#6to#11forlong/shorts.OthersignificantchangesinrankingwereZBH(upfrom#6to#4forlong-onlys,downfrom#1to#4forlong/shorts),BSX(downto#10from#1forlong-onlys,holdingat#1forlong-shorts)andSYK(downfrom#4to#8forlong-only

6、sand#7to#9forlong-shorts).SYK,BSXandABTareMostLikelytoBeat,WhileNUVA,EWandZBHareMostLikelytoMiss–Wefinditnotablethatrespondentsexpectmissesfromtwooftheirmostfavoritenames(EWandZBH),andexpectabeatfromoneoftheirleastfavoritenames(SYK,ranked11thoutof13namesinourunivers

7、e).ForEWspecifically,aroundhalfofrespondentsexpectWWTAVRsalestomeetorbeatexpectations,withotherrespondentssplitroughlyevenlybetween‘Miss’and‘Don’tKnow.’Basedonlastquarter’spredictions,ourrespondentshavebeenbetteratforecastingbeatsthanmisses,given2/3ofthenamesranked‘M

8、ostLikelytoBeat’inQ1actuallybeat,whileallthreenamesranked‘MostLikelytoMiss’inQ1actuallybeat.PreferenceforMedTechContinuestoRise,as