UPDATE: Stephens Starts Natera (NTRA) at Overweight
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Stephens analyst Mason Carrico initiates coverage on Natera (NASDAQ: NTRA) with a Overweight rating and a price target of $54.00.
The analyst comments "We view NTRA as a leader in cfDNA testing with exposure to multiple high-growth market opportunities. We see the Women's Health business growing >20% over the next 2+ years as NIPT adoption expands in the average-risk pregnancy market. Although unlikely to displace the market leader in transplant, we view Prospera as a competitive transplant offering that will capture a portion of the unpenetrated transplant monitoring market where even minimal capture would drive material revenue growth in coming years. We're bullish on Signatera and believe the test will continue to be a top MRD offering, positioning NTRA to capture material share of the $15 billion MRD/recurrence monitoring market over the next decade. While we think there’s room for beats in 2022, we take a longer-term view on NTRA and believe positive coverage decisions and ramping Signatera revenue will lead to multiple expansion resulting in shares moving higher. Initiating coverage OW-Vol./$54 PT."
Shares of Natera closed at $36.29 yesterday.
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