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Fly News Breaks for October 16, 2018
HOLX
Oct 16, 2018 | 05:08 EDT
Piper Jaffray analyst William Quirk says he now has 11 months of weekly data on Cynosure and competitive lasers for sale at second-hand websites. Overall, aggregated used lasers on third party web resellers was down to 149 lasers in September from 162 in the June quarter and 179 in March and December quarters, Quirk tells investors in a research note. Second-hand lasers available for sale at three sites were up fractionally, but were more than offset at lower eBay levels, which suggests Hologic's ongoing efforts to improve the sales process are tracking consistently with management's comments and likely better than overall Street perception, the analyst concludes. Further, based on his assessment of management's guidance over the past couple years, he believes Hologic will likely guide conservatively in the low to mid-single digits, or essentially in line with the Street's 3.7% constant currency forecast. Quirk believes Cynosure trends are heading in the right direction keeps an Overweight rating on Hologic with a $48 price target.
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