UPDATE: Piper Jaffray Lower PT to $38 on Cepheid

A report from Piper Jaffray reiterates its Overweight rating and lowers its price target from $39 to $38 on Cepheid (NASDAQ: CPHD).

The report states, “We believe the strong quarter was priced into CPHD shares given recent strength and expect the stock to trade lower this morning (shares were off in after-hours trading). We maintain our Overweight rating on CPHD shares as we believe the company is positioned for continued share gains in the high growth HAI diagnostic industry."

CPHD closed yesterday at $38.55.