BTIG Upgrades Neogenomics (NEO) to Buy

October 27, 2016 7:26 AM EDT
Get Alerts NEO Hot Sheet
Price: $8.47 +0.83%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 23
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BTIG upgraded Neogenomics (NASDAQ: NEO) from Neutral to Buy with a price target of $10. Analyst Sean Lavin sees a compelling entry point.

"When we downgraded shares at $9, our view was that a fair amount of good news had been priced in – easing reimbursement cuts, upside to Clarient synergies and share gains. Over the past few months, shares have fallen 20% on a variety of concerns (potential for dilutive M&A, integration risk). While these haven’t been entirely allayed, Q3 results demonstrate strong execution, steady fundamentals and improved cash positioning – all of which offer potential upside, in our view. At $7, we feel downside risk is modest and the current price offers an attractive entry point to own a multi-year growth story. Our price target is $10, based on 3.5x our 12-24 month rev. estimate," said the analyst.

For an analyst ratings summary and ratings history on Neogenomics click here. For more ratings news on Neogenomics click here.

Shares of Neogenomics closed at $7.13 yesterday.

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