UPDATE: Benchmark Company Reiterates Speculative Buy Rating, Lowers PT on Chembio Diagnostics

In a report published Wednesday, Benchmark Company reiterated its Speculative Buy rating on Chembio Diagnostics

, but lowered its price target from $14.00 to $10.00. Benchmark noted, “Order volumes have been lumpy with Q4 reportedly benefiting from a record backlog at the expense of Q3 results. Most important, Management disclosed it believes its DPP HIV test successfully concluded its FDA pre-approval inspection during October. We anticipate this is the last significant hurdle prior to FDA marketing clearance likely in December of January. This DPP-HIV test is the first of at least three significant new rapid diagnostics that Chembio is developing to target syphilis, HIV and hepatitis-C (HCV) over the 2013-2015 timeframe. We are increasingly optimistic in this pipeline but based on diminished recent results we trimmed our out-year EPS forecast and cut our price target to $10, from $14.” Chembio Diagnostics closed on Tuesday at $4.12.