William Blair says Exact Sciences takeout price likely needs to be over $100

William Blair notes that shares of Exact Sciences (EXAS) are trading materially higher this afternoon after Bloomberg reported that Abbott (ABT) is near a deal to acquire the test maker. The firm, which believes a takeout multiple between 6 and 7 times forward sales would be required, notes that this would be a 35%-plus premium to the current multiple of just under 5 times. The firm, which adds that its prior analysis for September noted that it sees a path to at least $80 using “very conservative assumptions,” argues that a takeout would “need to be more much more than this, likely over $100.” The firm continues to rate shares of both Abbott and Exact Sciences at Outperform.