Canaccord Genuity Starts Abaxis Inc. (ABAX) at Hold; Vet and Medical Markets Show Signs of Stabilizing
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Price: $83.00 --0%
Rating Summary:
1 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity initiates coverage on Abaxis Inc. (NASDAQ: ABAX) with a Hold. PT $30.00.
Analyst, Jeffrey Frelick, said, "Although the company is in sound health and is waiting on a few potentially rewarding catalysts, the modest growth rates of the overall vet market, along with uncertainty around its catalysts, lead us to initiate with a neutral stance."
"Our $30 price target uses a 3.2x EV/sales and 3.8x P/S multiple to our C2012 estimate; the latter is a slight premium to its closest peer, IDEXX (Nasdaq: IDXX) (3.5x), which we think is justified given ABAX’ medical business. On a forward P/E basis, the stock is trading at a rich 36x C2012E EPS, above IDEXX’ 26x and POC peer group average of 23x."
For an analyst ratings summary and ratings history on Abaxis Inc. click here. For more ratings news on Abaxis Inc. click here.
Shares of Abaxis Inc. closed at $28.05 yesterday.
Analyst, Jeffrey Frelick, said, "Although the company is in sound health and is waiting on a few potentially rewarding catalysts, the modest growth rates of the overall vet market, along with uncertainty around its catalysts, lead us to initiate with a neutral stance."
"Our $30 price target uses a 3.2x EV/sales and 3.8x P/S multiple to our C2012 estimate; the latter is a slight premium to its closest peer, IDEXX (Nasdaq: IDXX) (3.5x), which we think is justified given ABAX’ medical business. On a forward P/E basis, the stock is trading at a rich 36x C2012E EPS, above IDEXX’ 26x and POC peer group average of 23x."
For an analyst ratings summary and ratings history on Abaxis Inc. click here. For more ratings news on Abaxis Inc. click here.
Shares of Abaxis Inc. closed at $28.05 yesterday.
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