UPDATE: Wedbush Downgrades Meridian Bioscience to Underperform
Wedbush lowers its rating on Meridian Bioscience (NASDAQ: VIVO) due to a high probability of a significant miss and guidance reset from the company. Price target is lowered to $14 rom $16 a share.
Wedbush says, "VIVO's recent fiscal 1Q12 results missed by ~7% ($3 MM and $0.02) yet 2012 guidance was reiterated. VIVO is essentially implying 11% sequential top-line growth for the next three quarters. Given the company's poor 24-month growth track record, murky situation in EU and worsening competitive situation in the small hospital segment, we believe hiccups are probable in 2012 and share price appreciation is unlikely."
VIVO closes at $18.58 a share yesterday.
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