Leerink Partners Cuts Price Target as Fluidigm (FLDM) Announces 4Q Chip Launch

Leerink Partners maintained an Outperform rating on Fluidigm Corporation (NASDAQ: FLDM), and cut the price target to $15.00 (from $20.00), as the company announces that its new 800 cell chip is now a Q4 event. The chip was originally expected to be launched in the 2Q.

Analyst Dan Leonard commented, "Our Outperform rating on FLDM reflects a view that the business can return to double-digit organic growth in 2016 and revenue acceleration could lead to multiple expansion. The company’s disclosure that the new 800 cell chip for medium-sized cells on its C1 instrument is now a Q4 event detracts from this view. We had previously expected the new chip launch could be a Q2 event. We’re also now increasingly wary that the launch of ultra-high throughput, 10,000 cell chip is a 2017 event. We’ve reduced our price target to $15 from $20."

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

Shares of Fluidigm Corporation closed at $8.79 yesterday.

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