GenMark Diagnostics (GNMK) PT Raised to $9 at Cowen After Revenue and Profits Beat

Cowen analyst Doug Schenkel raised the price target on GenMark Diagnostics (NASDAQ: GNMK) to $9.00 (from $8.00) after the company pre-announced a ~$12MM revenue beat and increased full year guidance. Additionally, gross margin of 40% was ~550bp above expectations.

The analyst maintained an Outperform rating, stating "We expect upside vs. revised guidance, with particular strength likely later this year as GNMK incorporates COVID-19 into its full respiratory panel. The near- and long-term risk/reward appears attractive. PT to $9 (DCF; 4.5x 2020 sales)".

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