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Piper Jaffray Downgrades Hologic to Neutral

NEW YORK (GenomeWeb) – Piper Jaffray today downgraded shares of Hologic to a Neutral rating, saying that it sees limited opportunity for the company's shares to grow in value.

In a research note, analyst William Quirk downgraded Hologic from a previous Overweight rating but said the fundamental turnaround thesis remains intact.

Pointing out that Hologic's shares were trading at a valuation above 20 times the firm's projected Fiscal Year 2016 earnings, Quirk said they were fairly valued and warranted a Neutral rating. Quirk remained bullish about the company, saying he was confident in the firm's strategy outside the US and reiterated a price target of $38.

Shares of Hologic were down just under 2 percent to $38.49 in afternoon trading on the Nasdaq.

Yesterday, the investment bank Evercore ISI also downgraded Hologic to a Hold rating.