Medis Technologies "strong buy," target price raised

04/25/06 - Brean Murray & Co

NEW YORK, April 25 (newratings.com) - Analyst Gary Giblen of Brean Murray maintains his "strong buy" rating on Medis Technologies Ltd (MDTL), while raising his estimates for the company. The target price has been raised from $28 to $35.

In a research note published this morning, the analyst mentions that the company has become almost debt free, with noteholders exchanging their principal and interest till maturity in 2010 with stock. Announcements of the appointment of a new CEO for CellScan in the near term, a 100% increase in capacity by 2008 and a breakthrough fuel cell solution are all positive developments for Medis Technologies, the analyst adds. The EPS estimate for FY06 has been raised from -$0.61 to -$0.58.