Natera (NTRA) PT Raised to $235 at Stephens

Stephens analyst Mason Carrico raised the price target on Natera (NASDAQ: NTRA) to $235.00 (from $197.00) while maintaining a Overweight rating.

The analyst commented: 'NTRA reported another strong beat (+15%; +5% ex. true-ups) and raise in Q3, supported by record Signatera sequential volume growth and continued strength in Women's/Organ Health. ASPs improved sequentially across all major product lines, driving gross margin outperformance. Revenue guidance increased +$160M (vs. $79M beat) and now assumes +31% growth at the midpoint. Opex guide increased +$148M (below revenue increase), and NTRA now expects to generate $100M of cash in 2025. While hard to argue for significant multiple expansion given the premium valuation, we continue to view NTRA as one of the most attractive organic growth stories within Dx and believe that expanding utilization in MRD, consistent gains in women’s/ organ health, the ECD opportunity, and steady progress on ASPs will continue to fuel strong growth and drive shares higher over the coming years. Upside from current levels will likely rely on upward revenue revisions. Reiterate OW/Vol./PT to $235 (from $197)."

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