BTIG Upgrades Neogenomics (NEO) to Buy
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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.
Shares of Neogenomics closed at $7.13 yesterday.
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