UPDATE: Wedbush Lowers Price Target on Alere to $27

According to Wedbush, Alere (NYSE: ALR) price target is lowered to $27.

Wedbush said that ALR reported 4Q11 revenue of $653 MM and non-GAAP EPS of $0.74 which bested the Wedbush estimates for $595 MM and $0.67 EPS. Wall Street estimates were for $634 MM and $0.70. “While ALR demonstrated some progress with 4Q11 Gms we are more skeptical of the company's long term ability to create value from acquisitions and internal innovation.”

Alere closed yesterday at $26.64.