Analyst Is Frustrated By QuidelOrtho's Reduction In Guidance - Here's Why
Portfolio Pulse from Nabaparna Bhattacharya
Raymond James analyst Andrew Cooper has reiterated a Strong Buy on QuidelOrtho Corporation (NASDAQ:QDEL), but lowered the price target to $110 from $130. This comes after QuidelOrtho's Q2 results, which showed mixed performance and a reduction in guidance. The analyst also lowered the FY23, FY24, and FY25 revenue estimates. Despite this, the core business performed well on the top line, with signs of durable positioning in Labs. QDEL shares are currently trading lower by 1.96%.
August 15, 2023 | 7:08 pm
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QuidelOrtho Corporation's price target has been lowered by Raymond James analyst Andrew Cooper, following mixed Q2 results and a reduction in guidance. Despite this, the core business performed well on the top line.
The reduction in QuidelOrtho's guidance and the lowering of its price target by a Raymond James analyst are likely to negatively impact the company's stock price in the short term. Despite the strong performance of the core business, the mixed Q2 results and lowered revenue estimates for FY23, FY24, and FY25 may cause investor uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100