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Fly News Breaks for July 29, 2019
EXAS, GHDX
Jul 29, 2019 | 15:32 EDT
Cowen analyst Doug Schenkel raised his price target on Exact Sciences (EXAS) shares to $135 from $125 after the company reported a "huge" Q2 revenue beat and guidance raise and also confirmed plans to acquire Genomic Health (GHDX) at what he sees as a "reasonable" valuation. The analyst, who views the current selloff in Exact shares as a buying opportunity, thinks the combined company will be more diversified and well positioned to generate annual revenue growth of 25%-30% with gross margins of about 80%, he said. Schenkel keeps an Outperform rating on Exact Sciences shares.