UPDATE: Bank of America Upgrades Myriad Genetics to Buy on Diversification Strategy

Bank of America raised its rating on Myriad Genetics MYGN from Neutral to Buy and increased its price objective from $30 to $32. Bank of America commented, "We upgrade MYGN shares to Buy from Neutral, as we are more positive on the company's efforts to diversify the business and expand its addressable markets, particularly as the company's flagship product, BRACAnalysis, matures. We think MYGN's strategy to increase its penetration in certain cancer indications while expanding overseas is viable, and are more optimistic on the ability to protect the BRACAnalysis franchise. We are also incrementally more positive on Prolaris and the pipeline, as well as the company's efforts in companion diagnostics." Myriad Genetics closed at $25.37 on Tuesday.