Hologic (HOLX) PT Trimmed to $43 at Leerink Partners; Remains Top Pick
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Leerink Partners analyst Richard Newitter reiterated an Outperform rating but lowered his price target on Hologic (NASDAQ: HOLX) to $43.00 (from $46.00) following results. Shares remain a top mid/large-cap pick.
Newitter commented, "following an F4Q beat and slightly better-than-expected cc top-line growth guide with the midpoint slightly above-consensus (EPS range brackets the Street) and which to us likely bakes in conservatism. We see HOLX sustaining a MSD top-line growth rate over the next several years. And, we continue to believe there are several underappreciated drivers beyond US 3D Tomo capital sales (OUS acceleration, R&D pipeline emphasis, 3D service rev), and more meaningful top-line acceleration into the out-years is a real possibility, especially when factoring in tuck-in M&A potential. We also continue to view HOLX as one of the more dependable double-digit (sustainable low teens) EPS growth stories in MedTech with strong est. upside prospects, and an above-avg. 7.5% FCF yield. Reiterate OP. PT to $43 (vs. $46) based on recent group multiple compression."
Shares of Hologic closed at $35.37 yesterday.
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