UPDATE: Piper Jaffray Upgrades Becton, Dickinson and Co. to Overweight, Raises PT on Significant Microbiology Investment Interest

In a report published Wednesday, Piper Jaffray analyst William R. Quirk upgraded the rating on

from Neutral to Overweight, and raised the price target from $91.00 to $117.00. In the report, Piper Jaffray noted, “Observations from multiple diagnostic conferences all suggest significant interest in microbiology investment. This interest spans track systems (Kiestra), new identification technologies (Maldi/BioTyper) and Molecular (gram +/- assays). When considering AST (antimicrobial susceptibility testing) recall from Siemens, we believe BD's microbiology business is poised to accelerate its performance over the next several years. Combined with a delayed JNJ/Ypsomed pen needle launch and incremental European safety adoption, we believe numbers for BD will continue to climb and accordingly are raising our rating to Overweight with a $117 price target, up from $91.” Becton, Dickinson and Co. closed on Tuesday at $100.80.