NEW YORK (GenomeWeb News) – Investment bank Piper Jaffray has initiated coverage of PerkinElmer with an Overweight rating and a $46 price target.

Analyst William Quirk cited PerkinElmer's newborn screening business and expansion into high-growth markets as primary factors for its rating of the stock. He noted that PerkinElmer holds an approximately 65 percent share of the $200 million worldwide market for newborn screening. Further, that market is expected to grow to $1 billion as the rest of the world catches up to US newborn screening levels.