Piper Jaffray Increases Cepheid PT To $29, Reiterates Overweight Rating (CPHD)

Piper Jaffray increased its Cepheid

price target to $29 from $22 and reiterated its Overweight rating in a research report published today. In the report, Piper Jaffray states, "Cepheid delivered another solid quarter, topping our and Street consensus top and bottom-line expectations. Instrument placements (130 vs. PJC: 115) as well as HAI revenue ($~41.6M vs. PJC: $41.0M) both performed better-than-expected. Management gave below-consensus F2011 guidance, including revenue of $245M-$255M (consensus: $253M) and EPS of ($0.01)-$0.05 (consensus: $0.18). We are rolling our valuation metrics to F2012, which increases our price target to $29. Considering recent proposals by CMS to potentially expand HAI surveillance testing in the U.S., we are reiterating our OW rating." Shares of Cepheid were trading at $24.00 at the time of posting, down 0.74% from Thursday's market close.