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TOPIC: Roth coverage initiation with $8 target

Roth coverage initiation with $8 target 06 Mar 2013 12:22 #243

  • fas
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I think this is a good sign. Cytori has been at Roth´s investment conferences in the past, but nothing came about even though there are some connections, that is Walter Cruttenden is a pretty large shareholder of Cytori and had plenty of chances to introduce Cytori to some major investors i.e. clients of Roth.

The "connection" is below- from 1999-
Newport Beach investment banking firm Cruttenden Roth Inc. said Friday that it will change its name to Roth Capital Partners Inc. to reflect changes in its management. The company's founder, Walter Cruttenden III, departed two years ago, and Byron Roth, the chief executive, has taken control of the company. Roth is expected to announce the name change Tuesday at the company's 12th annual growth stock investment conference. The company, which specializes in underwriting public offerings of small-cap companies, also is planning to change its ownership structure to a limited liability company, which is owned almost entirely by employees, Roth said. Roth, 37, became president in 1993, chief executive in 1997 and took over as chairman from Cruttenden in 1998. Cruttenden, who sold part of his stake to Fidelity National Financial Inc., now owns about 10% and is the only nonemployee owner at the firm. Last year, Roth filed a lawsuit against Cruttenden, alleging the former chairman stole clients when he left. Cruttenden denied the allegation.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Roth coverage initiation with $8 target 06 Mar 2013 15:10 #246

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The investment thesis-
VALUATION
We have used two valuation methods to assess the fair value of CYTX. The first is comparable analysis with
peers of cell therapy companies mainly focused on cardiovascular indications. We derived a fair value of $7.38.
We also employed a cash flow based sum-of-the-part analysis with a $8.04 fair value mainly accounts for
the NPV of cash from 1) Celution system operating revenue from no option chronic myocardial ischemia; 2)
potential sales from Celution system from approved (such as breast reconstruction) and potentially more claim
expansion of the Celution system in Europe and Japan; 3) other pipeline and 4) possible cash by year end
2013. Together, we derive one year target price of $8 for CYTX shares.
Factors that could impede shares of CYTX from achieving our price target include: 1) clinical risks of clinical
study failure could have major impact on CYTX share value; 2) commercial success of Celution system is
less predictable; 3) other possible bone marrow based cell therapies could potentially outperform ADRCs
Celution system; 4) lack of sufficient cash could impede corporate development; and 5) risks from international
exposure.

I just finished reading the report- is OK- I guess.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Roth coverage initiation with $8 target 06 Mar 2013 16:52 #247

  • Joncon63
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I'd say better than OK when comparing it to our last buy rec and the 3.25 target price

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