Mizuho Securities Cuts Price Target on Myriad Genetics (MYGN) to $22 Following 4Q and Guidance

August 10, 2016 7:19 AM EDT
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Price: $17.40 +2.41%

Rating Summary:
    7 Buy, 16 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Mizuho Securities maintained a Neutral rating on Myriad Genetics (NASDAQ: MYGN), and cut the price target to $22.00 (from $34.00), following the company's 4Q results and guidance. MYGN guided to 2017 revenues of $740mm-$760mm, versus consensus of $790mm, and EPS of $1.00-$1.10, versus consensus of $1.77.

Analyst Eric Criscuolo commented, "We lower our PT to $22 following the substantially weak FY17 guide and commentary around weakness in hereditary cancer testing. We stay Neutral though, as the issues surrounding the weak guide are substantial - competition, pricing, sales force turnover - but upside drivers could realistically emerge as the year progresses. With a lack of visibility we stay on the sidelines and prefer CPHD."

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

Shares of Myriad Genetics closed at $29.46 yesterday.

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