EW - Surmodics Is One For The Future With High Conversion Potential From The Pipeline

• Surmodics is in the early stages of an extended growth period in our view, with high conversion potential from their pipeline.
• The company has key differentiators within its medical devices and IVD segments, with potential to generate long-tailed returns in manufacturing and distribution.
• The stock had bounced away from support 6x since March, before a large retracement and downtick with a U-shaped recovery, since trending down to today's trading.
• We see a fair value of $30.50 today, and considering implied forward estimates set a price target of $55.23 over the coming 2-year period.
• We hold a bullish outlook on the company over the coming 5-year period and believe that further upside potential is high over this time frame.

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