Mizuho Securities Cuts Price Target on Myriad Genetics (MYGN) to $22 Following 4Q and Guidance
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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."
Shares of Myriad Genetics closed at $29.46 yesterday.
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