UPDATE: GARP Research & Securities Downgrades Cepheid to Neutral; Valuation Full

GARP Research & Securities lowers its rating on Cepheid

from Buy to Neutral, with a newly-announced $38 price target. GARP Research & Securities notes, "The company's mainstay assays are increasing in volume, pipeline tests are advancing, and the installed base of GeneXpert systems continues to expand. However, the company is priced for perfection, in our opinion, and while the fundamental story continues improving, we think any misstep could bring about a strong technical correction." CPHD closed at $38.07 on Friday.