Needham & Company upgraded Hologic (NASDAQ: HOLX) from Hold to Buy with a price target of $41.00.

Analyst Mike Matson commented, "HOLX's F1Q16 revenue and EPS beat consensus. Management lowered its FY16 revenue guidance due to currency but raised its EPS guidance. HOLX's revenue growth slowed to 8% CC in F1Q16 from 12% CC in F4Q15 as it faced a tougher comp. Positives include 12% CC growth in Breast Imaging, 10% CC growth in Molecular Diagnostics and 19% CC growth in GYN Surgical. The only negative in our view was an 8% decline in international Breast Health, but management has already taken steps to fix this business. We are taking advantage of the recent decline to upgrade HOLX to Buy since we expect additional upside to estimates during 2016, HOLX has limited international and emerging markets sales and currency exposure, and we view HOLX as a defensive play in a volatile market."

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Shares of Hologic closed at $35.77 yesterday.