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Evercore ISI Downgrades Hologic to In-Line Rating

NEW YORK – Evercore ISI on Monday downgraded Hologic from an Outperform to In-Line rating with a price target of $80.

Evercore ISI analyst Vijay Kumar wrote in a research note that it had granted an upgrade to Hologic's shares last year based on its improved top-line performance but that "has largely played out."

Last July, Evercore ISI upgraded its rating of Hologic shares to Outperform from In Line, saying that the firm's growth prospects had been elevated by recent acquisitions funded by COVID-19 testing profits.

However, in its first quarter call for fiscal year 2022, Hologic said that $200 million of its Breast Health segment revenues would be pushed out during the year because of chip shortages impacting its mammography sales, Kumar said, adding, "The supply chain pressures seem to be worsening based on peer commentary." He further said that the investment bank's price target of $80 "implies modest upside and causes us to move to the sidelines." 

In afternoon trading on the Nasdaq, Hologic shares were down less than 1 percent at $76.30.

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