Wells Fargo Initiates Coverage on Hologic (HOLX) with an Outperform
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Wells Fargo initiates coverage on Hologic, Inc. (Nasdaq: HOLX) with an Outperform rating.
Wells analyst says, "In our view, new product launches in the Diagnostics and GYN Surgery business should drive revenue growth in these procedure oriented divisions, diversifying EBIT away from stagnant capex businesses, and increasing cash flow, which can be used to deleverage the balance sheet. Our GAAP-adjusted EPS estimates of $0.48 for FY2010 and $0.62 for FY2011 reflect our view that HOLX can generate about 15% EPS growth on 5% revenue growth with incremental product launches and a rebound in procedures without dependence on the capex businesses...Our valuation range of $19-21 is based on an EV/EBITDA estimate of 10.0-11.0x, which is inline with peer multiples...We believe that HOLX is an attractive investment due to dominant shares in the company's core women's health markets, several growth drivers including new products, entry into new markets (HPV testing), and an attractive valuation."
To see all the upgrades/downgrades on shares of HOLX, visit our Analyst Ratings page.
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