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Stifel Nicolaus lowers its rating on Hologic
HOLX to Hold from Buy on valuation that already includes projected growth for 2012.
Stifel Nicolaus says, "With shares of HOLX having appreciated approximately 12% on a year-to-date basis (vs. S&P500 up 5%) and 38% since hitting an annual low in October (vs. S&P500 up 21%) and now trading within 2% of our previous target price, we are lowering our rating to Hold from Buy. At $19.63, HOLX shares trade at a multiple of 14.1x our calendar 2012 EPS estimate of $1.40, a discount to the peer group's 15.1x average multiple, but at a level that we believe appropriately reflects our growth projections for the coming 12 months."
HOLX closed at $19.63 a share on Wednesday.
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