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.