Piper Jaffray Maintains a Neutral Rating on Qiagen (QGEN) Following Expanded Channel Checks

Piper Jaffray maintains a Neutral rating and $24.00 price target on Qiagen NV (NASDAQ: QGEN) following expanded channel checks. Analyst William Quirk says that the latest checks did not uncover additional transitions from Qiagen to alternative HPV platforms, and views this as a sighn that shares are stabilizing.

Quirk commented, "We recently completed an expanded round of HPV channel checks with our diligence suggesting a steady 0.9% sequential domestic test volume growth. Importantly, our latest checks did not uncover additional transitions from Qiagen to alternative HPV platforms (e.g., HOLX, Roche) for the second quarter in a row. We continue to view this as a sign of stabilizing domestic Qiagen HPV share. For 2Q15, we are adjusting our estimates for FX as well as expectations for stronger consumable growth, increasing our revenue estimates by $8.5M, while EPS increases by a penny. Our revenue is now $1.6M above consensus while EPS is in line. We are encouraged with the implied sequential domestic HPV share stabilization and believe ongoing stability will allow for a more pronounced contribution from QGEN's growth drivers exiting 2015 (e.g., QuantiFERON). QGEN shares currently trade at 21x our FY16 EPS, just above our 19x PT multiple, keeping us Neutral."

For an analyst ratings summary and ratings history on Qiagen NV click here. For more ratings news on Qiagen NV click here.

Shares of Qiagen NV closed at $26.23 yesterday.

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