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stock upgrade

The investment bank upgraded the company's stock to an Outperform rating from Market Perform but lowered its price target to $37 per share.

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.

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