Morgan Joseph Upgrades Myriad Genetics (MYGN) to Hold; Expect Positive Sales

November 11, 2009 8:39 AM EST

Morgan Joseph upgrades Myriad Genetics (Nasdaq: MYGN) from Sell to Hold.

Morgan analyst says, "Following the past two disappointing quarterly reports, we believe growth expectations for Myriad Genetics have come down. Additionally, since the stock has now reached our price target ($24.00), with shares trading at 18.2x fully taxed 2010 EPS, MYGN is fairly valued, in our opinion; as such, we are upgrading Myriad Genetics to a Hold...Our resulting FY2010E and FY2011E adjusted EPS estimates of $1.50 and $1.80 are higher than current consensus expectations of $1.47 and $1.60, respectively...Management recently confirmed that there has been an uptick in patient visits to the physician's office, resulting in a marked increase in weekly testing volume since mid-September, which could positively impact revenues in the current quarter."

To see more analyst ratings on MYGN Click Here.

Myriad Genetics, Inc., a healthcare company, focuses on the development and marketing of novel molecular diagnostic products.

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