UBS Adjusts Estimates and Price Target on Cepheid (CPHD); Posts Modest Beat in 3Q

UBS maintains a 'Neutral' on Cepheid (NASDAQ: CPHD) price target raised $5 to $40.00.

UBS analyst said, "CPHD reported 3Q total revenues of $70M (+ 23.5% y/y, +5% q/q), slightly above UBSe $69M & Street $68M, with product sales of $67M (vs. UBSe $65M). Adjusted gross margins of 57% (450+ bps y/y) were above UBSe 55.7%, as non-GAAP EPS of $0.04 beat UBSe/Street $0.02. Overall, 3Q was a good qtr; we see shares up modestly on solid top and bottom line results & higher sales guidance...For ’11-12E, we now see revs of $271M and $333M, respectively, with adjusted EPS of $0.10 (was $0.11) and $0.47 (was $0.46)."

For more ratings news on Cepheid click here and for the rating history of Cepheid click here.

Shares of Cepheid closed at $38.55 yesterday.

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