Jefferies Reduces Price Target on Complete Genomics (GNOM)

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Jefferies analysts lowered their price target on Complete Genomics (NASDAQ: GNOM) from $7.00 to $5.00 while maintaining a BUY rating on the company. They also trimmed their 2012 and 2013 revenue forecasts to $30M (from $32.5M) and $55M (from $73M).

"While we continue to view current levels as more than adequately discounting execution-related scale-up risks," stated an analyst at Jefferies, "such a disparity may persist near-term until investors gain greater confidence in GNOM's new order bookings and profitability trajectories."

The $5 price target implies an equity value of 2.5x Jefferies 2014 revenue forecast.

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

Shares of Complete Genomic closed at $2.68 yesterday, with a 52 week range of $2.21-$18.55.

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