UPDATE: Jefferies Initiates Buy, $14 PT on OraSure Tech on New Product Cycle

Jefferies initiated its coverage on OraSure Tech

with a Buy rating and a price target of $14 a share. Jefferies noted, "Shares of OSUR currently imply an EV of 4.3x our 2013 rev. forecast, which represents a 10% premium to its historical avg. & a 15% premium to its peer group avg. We believe such a premium is likely to expand in the coming periods as appreciation for its ability to begin penetrating new markets that more than double the size of its core addressable opportunities matures." OraSure Tech closed at $9.75 on Thursday.