An update has come out today on ZOLL Medical Corporation (ZOLL), in which Zacks medical technology industry analyst Tom Park is restating his Hold rating on the company.  We excerpted the following details:

ZOLL announced that it received FDA clearance to commercially release the AED Pro with See-Thru CPR and also that it was awarded a contract with the State of California. Management expects operating cost controls to again drive earnings growth in FY07 & FY08.

'Management previously increased its FY07 guidance and revealed its initial FY08 guidance and sees potential for more upside. We previously lowered our FY08 EPS estimate to within a few pennies of guidance. Our price target is based around 28x FY08 EPS estimate.

'At its current price of $26.71 per share, ZOLL is trading at roughly 26x our FY08 earnings estimate of $1.02 per share, which is at a discount to the peer group multiple of roughly 27x. The earnings outlook over the long-term remains uncertain due to the company's reliance on cost controls to drive significant growth.

'The risk in achieving any upside lies in the length of the shipment suspension of Medtronic's (MDT) external defibrillators in the U.S. Thus, we expect limited multiple expansion over the near-term and rate the stock a Hold. We believe the stock will trade around 28x FY08 EPS estimate or a 1.1x FY08 P/E/G and our price target moves to $29.00.'