Needham & Company Raises Price Target to $70 on Cepheid (CPHD) Following 2Q15

Needham & Company reiterated a Buy rating on Cepheid (NASDAQ: CPHD), and raised the price target to $70.00 (from $66.00), following 2Q15 results. Revenue was $132.5M vs. consensus of $130.5M. Non-GAAP EPS was reported at ($0.23) vs. consensus of ($0.21).

Analyst Mike Matson commented, "CPHD's 2Q15 revenue beat consensus while its EPS missed consensus. For 2015, management raised its revenue and lowered its EPS guidance. However, it is important to note that CPHD's 2Q15 guidance included the sale of 300 HBDC systems (worth an estimated $5M) in India and this order was delayed. CPHD currently has a US menu of 17 tests and an international menu of 23 tests. Over the next two years, CPHD expects to launch a number of new tests in the US including HIV, HPV, and HCV which we expect to be significant growth drivers. We expect CPHD's growing test menu, GeneXpert adoption by reference labs, and sales force expansion to drive additional upside and we reiterate our Buy rating."

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

Shares of Cepheid closed at $62.93 yesterday.

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