Canaccord Genuity Sees GenMark Diagnostics (GNMK) Trading Above Buyout Comps, PT Raised to $24
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Canaccord Genuity analyst Max Masucci raised the price target on GenMark Diagnostics (NASDAQ: GNMK) to $24.00 (from $22.00) using history to understand the buyout speculation. Two comparable deals, bioMérieux’s acquisition of BioFire and Danaher’s acquisition of Cepheid both took place at 5.6x forward revenue. In a normalized environment, the analyst believes the company could report $210M, up from the $181M currently modeled.
The analyst maintained the Buy rating but noted "If we apply the estimated $210.5M in revenues GNMK may generate in 2021, the company’s EV/Sales multiple stands at ~7.5x, or +33% above the ~5.6x forward multiples Cepheid and BioFire commanded 7 and 4 years ago".
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Related EntitiesCanaccord Genuity, Definitive Agreement
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