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NEW YORK (GenomeWeb) — Wells Fargo has downgraded Cepheid to Market Perform from Outperform, calling into question the company's "credibility and visibility" after it revised its 2017 profit outlook.

Cepheid reaffirmed its 2015 fourth quarter outlook at the Piper Jaffray Healthcare Conference on Tuesday, and also provided initial revenue guidance of $618 million to $635 million for Fiscal Year 2016. The company also updated its FY 2017 outlook to a gross margin of 56 percent to 58 percent, compared to its previous guidance of 60 percent.

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