Although Leerink Swann likes the long-term prospects of Qiagen NV (Nasdaq:QGEN), but looking at the short-term concerns over their pipeline menu, they downgraded them from "Outperform" to "Market Perform."
"While we continue to favorably view QGEN's long-term strategy, we are concerned that pipeline menu could be further delayed, and current Street expectations could prove optimistic...Additionally, we believe QGEN's ambitious clinical plans could ramp operating expenses more than people expect in the near term. Finally, we believe the Street's expectation
that QGEN returns to 13% organic revenue growth as early as next year is a
bit aggressive," said Leerink.
They added, "Our 12-month valuation on QGEN shares is $19 to $21 on 10x our 2012 EBITDA (ex options) estimate."
Qiagen NV closed Friday at $18.38, losing $0.07, or 0.38 percent.
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