JP Morgan raised its rating on Luminex LMNX from Underweight to Neutral and maintained its price target of $17 per share.
JP Morgan commented, "Following a 22% drop in the stock price since the 7/9 announcement of the acquisition of GenturaDx and a 12% decline YTD (vs. +24% for diagnostic companies, +10% for life science tools, and +8% for the S&P), we are raising our rating to Neutral, while maintaining our December 2012 price target of $17. Although we continue to see potential risks to the core Luminex business longer term, we believe that shares are now closer to reflecting fair value, assuming five-year top- and bottom-line CAGRs of ~10% and ~24%, respectively."
Luminex closed at $18.65 on Friday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in