UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Cepheid Following Positive Data

In a report published Thursday, Citigroup analyst Daniel Arias reiterated a Buy rating on

, and raised the price target from $52.00 to $62.00. In the report, Citigroup noted, “Following positive data shown at the Nov. AMP mtg, CPHD expects CE mark approval for their HIV Viral Load (VL) test by yr-end. We see availability in High-Burden Developing Countries (HBDC) as a significant opportunity w/in an estimated $400-500M HIV-VL market, given the high coinfection rate for HIV & tuberculosis (TB) & large installed base of HBDC GeneXpert systems (>3500). We have attempted to forecast HBDC revs for HIV-VL going fwd.” Cepheid closed on Wednesday at $53.50.