ISI Group reiterated its Underweight rating on Cepheid CPHD and reduced its estimates from $32.50 to $30.50.
ISI Group commented, "Based on yesterday's pre- announcement and management's commentary at today's analyst meeting, we are revising our FY'12 revenue estimates to $329.8MM, below the company's guidance of $333-347MM. This implies 4Q revenues of $90.5MM (well below the benchmark $95.0MM that CPHD needs in order to hit guidance).Our revised estimates also reflect a more conservative long term revenue growth expectation, limited OpEx leverage during a period of increased R&D and S&M investment, and a challenging hospital CapEx environment in the near term. We have reduced our PT from $32.50 to $30.50 (~5x 2013 EV/Revs) and reiterate our Underweight rating on shares of CPHD."
Cepheid closed at $35.18 on Thursday.
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