Auriga Reiterates Buy, $20 PT On Omnicell

In a note out today, Auriga reiterated a buy rating and $20 price target on biotech firm Omnicell

, saying “we think Omnicell has some good opportunities to expand the client base in FY12 which should offset what we anticipate to be a slowing of competitive displacements.” “Given the 1,100-strong customer base that is now being leveraged, and recent software-centric product introductions that are being manifested, we believe that Omnicell can exit 2012 with a 13%+ non- GAAP operating margin, up about 230bps from our expectations of 10.7% exiting this year, and closing in on its long-term margin goals of 15%,” Auriga said in the note.