UPDATE: BofA/Merrill Lynch Upgrades Guardant Health (GH) to Buy, Shares Look Attractive Post IPO Reset

BofA/Merrill Lynch analyst Derik de Bruin upgraded Guardant Health (NASDAQ: GH) from Neutral to Buy and raised his price target to $84.00 (from $81.00) now that shares have pulled back to $66 from a post IPO high of $106.58 on 3/15/19.

The run up was based on enthusiasm for GH’s growth potential as a leader in liquid biopsy-based (LB) cancer testing and although shares remain at a premium valuation, the analyst notes 4 reasons investors should consider purchasing:

1) GH’s LUNAR-1 data release at the American Association of Cancer Research meeting

2) the lock-up expiration

3) expanded commercial coverage for G360

4) our review of the LB market.

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

Shares of Guardant Health closed at $68.20 yesterday.

You May Also Be Interested In

• Why this Wall Street strategist says the "trade is long gold"
• TTM Technologies to acquire Epiq Solutions for $1.1 billion in cash
• BofA says US yen intervention may need stronger follow-up