RBC Capital analyst Conor McNamara raised the firm’s price target on Natera (NTRA) to $268 from $255 and keeps an Outperform rating on the shares as part of a broader research note on the Life Sciences Tools and Diagnostics sector. The firm is updating its model with “more realistic” multiples, the analyst tells investors in a research note. RBC added however that Natera is the market leader in liquid biopsy testing, with #1 positions in a $30B TAM that includes noninvasive prenatal testing and minimal residual disease, with potential future launches into the market-doubling opportunity of cancer screening. Additional test approvals in current markets, and a potential near-term launch in Natera’s biggest market opportunity, all give the company multiple avenues to continue to grow revenues in double digits for the sustainable future, RBC stated.
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