Craig-Hallum analyst Bill Bonello lowered the firm’s price target on Myriad Genetics (MYGN) to $18 from $29 and keeps a Buy rating on the shares. The firm says shares are down another 20% following a 2% top line miss and a 4% reduction in guidance. While both results were unexpected, and it does look like the path back to growth will be more challenging than anticipated, Craig-Hallum believes the current valuation appears disconnected from the longer-term earnings power.
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Read More on MYGN:
- Myriad Genetics price target lowered to $7 from $16 at UBS
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- Myriad Genetics downgraded to Equal Weight from Overweight at Wells Fargo
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