UPDATE: J.P. Morgan Lowers Quidel's PT

According to a research report published this morning, J.P. Morgan has decreased Quidel's

PT from $18 to $17. In the report, J.P. Morgan said, "Quidel (QDEL) reported 1Q results that were slightly below consensus, primarily due to a weak flu season, while reiterating that the company remains on track with pipeline efforts for SOFIA, BOBCAT, and AmpliVue, in line with the 4Q commentary. Given the light flu season, and still early ramp on SOFIA, however, we maintain our Neutral rating, while making modest model changes and slightly tweaking our PT to $17, based on our reduced 2012 estimates." J.P. Morgan maintains its Neutral rating on Quidel, which closed yesterday at $17.65.