UPDATE: ISI Group Initiates Qiagen with Underweight, $15 PT on Muted BioPharma and Academic Segments

ISI Group initiated its coverage on Qiagen

with a rating of Underweight and a $15 price target. ISI Group commented, "We are initiating coverage on shares of Qiagen with an Underweight rating and a price target of $15.00, which on a forward basis equates to ~10x EV/EBITDA and ~14x operating EPS. Our thesis for QGEN is based on potential global research budget challenges translating into a muted outlook for the academic and biopharma segments, slowing growth in the HPV franchise, and the need for sustained R&D investments (companion diagnostic agreements) capping medium-term earnings growth." Qiagen closed at $17.03 on Monday.