UPDATE: Piper Jaffray Initiates Quidel at Overweight on Long-Term Outlook

Piper Jaffray initiated coverage on Quidel

with an Overweight rating and a $26 price target. Piper Jaffray said, "Our rating is based on Quidel's long-term diversification plan, initially building on the momentum from its Sofia launch and more importantly penetrating the molecular diagnostics market with its pipeline Wildcat instrument. Our $26 price target is based on 4.3x F2013 EV/ revenue, in-line with its small-cap diagnostics peer group." Quidel closed at $18.17 on Wednesday.