Auriga Reiterates a 'Buy' on Genoptix (GXDX); Unique Growth Story
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Auriga reiterates a 'Buy' rating on Genoptix (Nasdaq: GXDX), raises price target from $39 to $43.
Auriga analyst says, "Genoptix (GXDX) put up yet another better-than-expected growth quarter, despite the summer slowdown and economically challenging environment. Its performance speaks volumes regarding its compelling diagnostics offering among the community hematologists/oncologists, in our view...Based on the current quarter beat, we are increasing our 2009 revenues and sales to $181MM/$1.66 (guidance $180MM/$1.60 up from the range of $175MM-$180MM/$1.40-$1.45) from $174MM/$1.48. Similarly, we have tweaked our 2010 numbers to $235MM/$1.93 (only revenue guidance of $235MM was provided for 2010) from $228MM/$1.77. Consequently, our target price rises to $43 (from $39), keeping the same 22x multiple on forward 2010E EPS of $1.93."
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