Baird upgraded Qiagen (QGEN) to Outperform from Neutral with a price target of $43, down from $53. The company’s Q1 results missed expectations driven by weaker QuantiFERON demand for immigration testing and cautious U.S. life sciences spending, the analyst tells investors in a research note. However, the firm believes the post-earnings 10% selloff creates a positive risk/reward profile. The shares are trading at all-time valuation low, which is overdone given Qiagen’s mid-single-digit growth and takeout potential, contends Baird.
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