UPDATE: Canaccord Genuity Downgrades Meridian Bioscience to Hold on FQ3 Report

Canaccord Genuity reduced its rating on Meridian Bioscience

from Buy to Hold and cut its price target from $25 to $18. Canaccord Genuity commented, "We are downgrading our rating on VIVO to HOLD from Buy following a FQ3 miss, lower F2012 guidance, and our concerns on modest growth through next year. We lower our price target to $18 from $25. … Although the comp was tough in the quarter, we are more concerned about structural challenges. VIVO's C. difficile immunoassay business continues to face competitive pressures (mainly Alere), its sales force struggles defending share, and Illumigene utilization should be more robust with ~900 customers." Meridian Bioscience closed at $16.81 on Thursday.