The investment bank based the upgrade on potential for growth in the installed base of Quidel's immunoassay and molecular instruments, among other factors.
The investment bank said that it thinks 2018 will be a good year for clinical sequencing and that overall demand for high-throughput sequencing remains high.
The investment bank's upgrade is based on an expectation of resilient revenue growth for the firm's molecular diagnostics business, among other growth drivers.
Investment banks Canaccord Genuity and Raymond James also raised their price targets on the company.
Canaccord and William Blair also increased their price targets on Quidel's shares, following its acquisition of certain Alere assets and assays.
Analyst Nicholas Jansen set a price target at $116, pointing to expanding professional lab services, consumer-focused programs, and M&A as growth drivers.
Janney analyst Paul Knight cited a rebound in the company's shares that is due to an expected easy sequential earnings comparison for Q1, among other reasons.
The investment bank Evercore ISI upgraded Illumina's stock in anticipation of sales of its NovaSeq sequencing instrument.
The investment bank provided the updates as part of its 2017 outlook on the US life science tools and diagnostics markets.
The investment bank noted Veracyte's "disciplined" approach to developing and commercializing tests, and said the company stands out in its sector.
Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.
A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.
An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.
In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.