UPDATE: Cowen and Company Downgrades Meridian Bioscience to Market Perform, Reiterates $21 PT on Tough Road Ahead

In a report published Tuesday, Cowen and Company analyst Shaun Rodriguez downgraded the rating on

from Outperform to Market Perform, but reiterated the $21.00 price target. In the report, Cowen and Company noted, “Reaching 2013 revenue guidance would require a FH2 growth acceleration which we view as unlikely. Earnings guidance still appears achievable, but this is not likely enough of an offset. Accordingly, we see the bias to the downside and downgrade to Market Perform (from Outperform) with a $21 PT.” Meridian Bioscience closed on Monday at $22.86.