A report has been issued on ZOLL Medical Corporation (ZOLL), in which Zacks healthcare industry analyst Tom Park is maintaining his Hold rating on the company without much change.  We excerpted the following details:

'ZOLL reported Q4 EPS that beat our estimate by $0.04 on revenue that also exceeded our forecast. Management increased its FY08 revenue growth guidance. We increased our FY08 revenue estimate. As in FY07, management expects operating cost controls to again support earnings growth in FY08 and sees potential for more upside from the mishap with Medtronic's (MDT) external defibrillators.

'The earnings outlook over the long-term remains uncertain due to the company's reliance on cost controls to drive significant growth. As in fiscal 2007, management again expects operating cost controls to support earnings growth for FY08.

'Sales for the newer products (E Series and AED Pro) continue to grow. AutoPulse sales are accelerating and North American hospital sales excluding military sales have rebounded in Q3 of FY07. Military sales that expanded to include other government sales are expected to support higher North American hospital sales from fiscal 2008 onward. The shipment of the R Series that started in the fiscal 2007 second quarter has already been helping to boost North American hospital sales.

'Management sees the possibility of greater EPS upside beyond FY07. The risk in achieving any upside lies in the length of the shipment suspension of Medtronic's external defibrillators in the U.S. Thus, we expect limited multiple expansion over the near-term. At its current price of $25.63 per share, ZOLL is trading at roughly 25x our FY08 earnings estimate of $1.02 per share, which is roughly in-line to the peer group multiple. We believe the stock will trade around 28x FY08 EPS estimate or a 1.1x FY08 P/E/G. Our price target remains at $29 which is based around 28x FY08 EPS estimate.'