Oppenheimer Reiterates Outperform Rating, $19 PT for Fluidigm

In a company update published earlier today, Oppenheimer Holdings reiterated its Outperform rating and $19.00 price target for Fluidigm Corporation

. Oppenheimer said in its report “FLDM posted 1Q product revenue growth of 28%. Instrument/consumable mix has moved to 55%/45% (4Q was 62%/38%) as consumable pull-through (+41% y/y) grew significantly from sales of DELTAgene, SNPtype and Access Array assays. 1Q saw a small slowdown in instrument placement revenue (+19% y/y), as 1Q is typically the most challenging placement quarter. Looking ahead, the biggest opportunity comes from single cell genomics and the expected C1 2H12 product launch. C1 will address issues that plague single research including cell handling/manipulation/workflow/costs. While difficult to estimate market size, an early proxy for the addressable market starts with the FACS installed base, which is greater than 3,000 machines.” Fluidigm Corporation closed yesterday at $14.65.