UPDATE: Stifel Nicolaus Initiates Abaxis at Buy on Business Momentum

Stifel Nicolaus initiated coverage on Abaxis

with a Buy rating and a $44 price target. Stifel Nicolaus noted, "We believe that Abaxis' business momentum is gaining strength. Our checks point to future chemistry and reference lab market share gains. Additionally, Abaxis' deal with MWI Veterinary is about to take hold. We do not see significant share shifts, but this is the first time in Abaxis' history that the company has had access to a nationwide distributor. We would expect a good outcome. Finally, medical questions remain, but the recent deal with Abbott shores up distribution without any incremental cost." Abaxis closed at $37.14 on Wednesday.