Benchmark Upgrades Exact Sciences (EXAS) to Buy, 'Best Idea For 2024'

Benchmark analyst Bruce Jackson upgraded Exact Sciences (NASDAQ: EXAS) from Hold to Buy with a price target of $91.00.

The analyst comments "We are upgrading shares of Exact Sciences to Buy and naming the stock our best idea for 2024. Exact Sciences should benefit from steady growth in its base business, continued progress on the new product pipeline, and an improving interest rate climate that enables the stock to sustain a higher multiple. Our $91 price target is 6.5x our 2024 revenue estimate, consistent with where the shares are trading on a TTM basis. In our view Cologuard should continue to build on the momentum seen in 2023, propelled by electronic ordering, expansion into the 45+ y.o.a. screening market, and health system partnerships that promote patient engagement with colon cancer screening guidelines. Precision Oncology has lapped the 3Q 2022 divestiture of the prostate cancer testing business, setting up more favorable comps for 2024 while gaining some lift from the launch of Oncotype Dx in Japan. Longer term, new product initiatives for therapy selection, Molecular Residual Disease (MRD), Multi Cancer Early Detection (MCED), and a Colorectal Cancer (CRC) blood test look promising and can become meaningful revenue contributors in 2025 and beyond. The next upcoming catalyst is the submission of the Cologuard 2.0 PMA to the FDA, setting up an anticipated commercial launch in early 2025."

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

Shares of Exact Sciences closed at $73.98 yesterday.

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