UPDATE: Citi Starts Prenetics (PRE) at Buy (correction)

Citi analyst Zoe Bian initiates coverage on Prenetics (NASDAQ: PRE) with a Buy rating and a price target of $8.10.

The analyst comments "HK-based Prenetics offers a wide portfolio of personalized healthcare tests including DTC-GT, cancer screening, and Covid-19 testing. The latter is the company’s near-term driver (contributing 78% / 94% of revenue and 80% / 93% profits in 2020/2021), with good margins and stable cash flows that can help fuel Prenetics’ expansion into new businesses. We expect long-term growth will be driven by personalized healthcare test products, along with other products in its pipeline or from future M&A. Prenetics should be a beneficiary of increased healthcare testing demand and health consciousness amongst consumers. We initiate coverage at Buy / High Risk."

For an analyst ratings summary and ratings history on Prenetics click here. For more ratings news on Prenetics click here.

Shares of Prenetics closed at $4.05 yesterday.

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