Piper Jaffray Raises Price Target on Luminex Corp. (LMNX) Following Strong 1Q Results

Piper Jaffray maintained a Neutral rating on Luminex Corp. (NASDAQ: LMNX), and raised the price target to $20.00 (from $19.00), following the company's 1Q earnings report. LMNX reported revenue growth to $63.0M, compared to the Street's $61.0M estimate. Adjusted EPS of $0.26 was above the Street's $0.16; a tax benefit added ~$0.02 to results.

Analyst William Quirk commented, "Luminex reported 9% yoy 1Q16 revenue growth to $63.0M, above consensus of $61.0M. Upside in the quarter was led by stronger instruments and consumables, reflecting timing of a large customer order, somewhat offset by weaker genetic assay revenue. Adj. EPS of $0.26 was above consensus of $0.16 (PJC: $0.17). Management raised the lower end of FY16 revenue guidance to $247M-$255M (was $245M-$255M). Management issued 2Q16 revenue guidance of $60M-$62M, with the midpoint below consensus or $61.9M (PJC: $60.9M). We are cautious on ARIES and remain Neutral on LMNX with a $20 PT (was $19) based on 2.4x FY17E EV/Rev (unchanged)."

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

Shares of Luminex closed at $20.57 yesterday.

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