After Meridian Bioscience reported worse than expected Q1 revenue, lowered its FY17 revenue guidance and cut its annual cash dividend by 38%, Piper Jaffray analyst William Quirk said he believes some long-term investors had held the stock for its steady income, but that they may begin to diversify away from it now. The analyst lowered his price target on Meridian shares to $9 from $15, citing competitive concerns and potential investor fallout from the dividend cut, and keeps an Underweight rating on the stock, which is down nearly 25% to $12.40 in early trading.