UBS Upgrades Quidel Corp. (QDEL) to Neutral

UBS analyst Elizabeth Garcia upgraded Quidel Corp. (NASDAQ: QDEL) from Sell to Neutral with a price target of $86.00.

The analyst commented, "We upgrade QDEL to Neutral maintaining our PT of $86 following the company's 3Q22 preannouncement of $782M-$785M in revenue, a beat to both UBSe $649M and consensus at $652M, driven by one-time government order of COVID-19 tests. The COVID-19 testing will drive higher than previously anticipated margins in the quarter. Prior to the announcement, the was stock trading below 8x EV/ consensus EBITDA as the company had guided to sub-30 EBITDA margins for 2H22E on weak clinical chemistry analyzer and Savanna sales and a rapid COVID-19 drop off."

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

Shares of Quidel Corp. closed at $74.60 yesterday.

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