UPDATE: JP Morgan Upgrades Luminex to Neutral Following Sharp Selloff in Shares

JP Morgan raised its rating on Luminex

from Underweight to Neutral and maintained its price target of $17 per share. JP Morgan commented, "Following a 22% drop in the stock price since the 7/9 announcement of the acquisition of GenturaDx and a 12% decline YTD (vs. +24% for diagnostic companies, +10% for life science tools, and +8% for the S&P), we are raising our rating to Neutral, while maintaining our December 2012 price target of $17. Although we continue to see potential risks to the core Luminex business longer term, we believe that shares are now closer to reflecting fair value, assuming five-year top- and bottom-line CAGRs of ~10% and ~24%, respectively." Luminex closed at $18.65 on Friday.