UPDATE: Deutsche Bank Raises Target to $74.50 on Gen-Probe

David Johnson, Benzinga Staff Writer

February 14, 2012 10:47 AM

Tickers: GPRO

Deutsche Bank raises its target on Buy-rated Gen-Probe (NASDAQ: GPRO) to $74.50, up $4 on strong results for the fourth quarter.

Deutsche Bank says, "GPRO reported total revenue of $158.2 MM (growth of ~16% over 4Q'10), slightly below our estimate of $158.8MM and ST of 158.6MM. GPRO's total product revenues grew 18% in the quarter and were driven by strong sales of the APTIMA Combo 2 and blood screening products. The company noted that its Trichomonas and HPV assays are being well-received in the market, with a 1H'12 Panther approval on track. GPRO also reported 4Q'11 EPS of $0.72, above our EPS estimate of $0.70 and the consensus of $0.69. This result compares to 4Q'10 EPS of $0.61 and was driven by lower-than-expected operating expenses and tax rate."

GPRO closed at $69.22 a share on Monday.

Tags: Deutsche Bank

Posted in: Analyst Color, Price Target, Reiteration, Intraday Update, Analyst Ratings