Jefferies Remains Sidelined on Myriad Genetics (MYGN) Following 4Q
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Jefferies maintained a Hold rating on Myriad Genetics (NASDAQ: MYGN), and cut the price target to $20.00 (from $34.00), following the company's 4Q earnings report. The company's weaker 4Q16 experience (-7%) and initial FY17 outlook for the HC segment (-7%) suggest pricing and share losses are likely the new normal as the market migrates to lower-cost alternatives.
Analyst Brandon Couillard commented, "We are publishing our updated MYGN model following the 4Q earnings report & lowering our FY17/18 EPS forecasts by ~35%. Our revised $20 PT (from $34) implies a -2% NOPAT CAGR over the next decade, reflecting accelerating ASP/ share pressures in its flagship hereditary cancer franchise."
Shares of Myriad Genetics closed at $19.70 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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