Market Overview

UPDATE: Wedbush Securities Downgrades Meridian Bioscience to Underperform, Reiterates $17 PT

Share:

In a report published Wednesday, Wedbush Securities downgraded its rating on Meridian Bioscience (NASDAQ: VIVO) from Neutral to Underperform, but reiterated its $17.00 price target.

Wedbush Securities noted, “Given the 24% appreciation in VIVO shares since August and the increasing risk to 2013 numbers we are downgrading to UNDERPERFORM from NEUTRAL. Shares of VIVO now trade at a premium to the group on a 2013E P/E multiple basis (23x vs. 20x group median) and EV/Sales basis (4.2x vs. 3.4x group median). 2013E FCF yield is around 4.8%, above the group median of 4.5%. Our $17 price target is based on a 2013E P/E multiple of 18x and EV/sales of multiple of 3.6x, which represents a 5% premium to the group which gives them greater credit for a relatively safe 3.8% dividend yield. A liberal sum of the parts analysis assuming 4x, 6x, 5x, 2x, 3x EV/Sales for the c.diff, h.pylori, foodborne, life science, and other segments yields a PT of $17.”

Meridian Bioscience closed on Tuesday at $20.56.

Latest Ratings for VIVO

DateFirmActionFromTo
May 2019MaintainsSellSell
May 2019UpgradesUnderweightNeutral
Apr 2019DowngradesHoldSell

View More Analyst Ratings for VIVO
View the Latest Analyst Ratings

Posted-In: Wedbush SecuritiesAnalyst Color Downgrades Analyst Ratings

 

Related Articles (VIVO)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
ELMDDougherty & Co.Initiates Coverage On12.0
MRNSCantor FitzgeraldAssumes7.0
MNRLCapital One FinancialInitiates Coverage On23.0
SONVertical GroupUpgrades
UNPMorgan StanleyMaintains136.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Mid-Morning Market Update: Markets Lower, Green Mountain Continues to Rip Upwards

UPDATE: Taglich Brothers Reiterates Speculative Buy Rating, Lowers PT on Radiant Logistics