Leerink Swann Starts Fluidigm Corporation (FLDM) at Outperform; Market Leader in Mid-density Genomic Analysis
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Price: $3.71 --0%
Rating Summary:
9 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 3 | New: 2
Rating Summary:
9 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 3 | New: 2
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Leerink Swann initiates coverage on Fluidigm Corporation (NASDAQ: FLDM) with an Outperform. $17 - $18 valuation.
Leerink analyst says, "Our Outperform rating reflects our view that application of the company's proprietary microfluidics technology for mid-density genetic analysis should drive 25%+ revenue growth rates over the next several years, and that investors will pay up for this type of growth in the small cap genomics space...We do have some concern that Fluidigm is the most exposed to Japan in our life science tools & diagnostics coverage. Revenues from Japan accounted for 13% of total in 2009, and while this figure dropped to 8% through the first 9 months of 2010, our pre-earthquake expectation was that it would recover towards 2009 rates going forward. However, downside to this expectation in the near term from earthquake-related disruption does not alter our long-term view, and we have parked our 2011 revenue forecast at the low end of guidance to account for some risk. Fluidigm has no meaningful asset exposure in Japan, with only leased office space in Osaka and Tokyo."
For more ratings news on Fluidigm Corporation click here and for the rating history of Fluidigm Corporation click here.
Shares of Fluidigm Corporation closed at $15.43 yesterday.
Leerink analyst says, "Our Outperform rating reflects our view that application of the company's proprietary microfluidics technology for mid-density genetic analysis should drive 25%+ revenue growth rates over the next several years, and that investors will pay up for this type of growth in the small cap genomics space...We do have some concern that Fluidigm is the most exposed to Japan in our life science tools & diagnostics coverage. Revenues from Japan accounted for 13% of total in 2009, and while this figure dropped to 8% through the first 9 months of 2010, our pre-earthquake expectation was that it would recover towards 2009 rates going forward. However, downside to this expectation in the near term from earthquake-related disruption does not alter our long-term view, and we have parked our 2011 revenue forecast at the low end of guidance to account for some risk. Fluidigm has no meaningful asset exposure in Japan, with only leased office space in Osaka and Tokyo."
For more ratings news on Fluidigm Corporation click here and for the rating history of Fluidigm Corporation click here.
Shares of Fluidigm Corporation closed at $15.43 yesterday.
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