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

Piper Jaffray initiated coverage on Quidel (NASDAQ: QDEL) 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.

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