Zacks Investment Research upgraded shares of Myriad Genetics, Inc. (MYGN) from NEUTRAL to OUTPERFORM on December 20, 2012, with a target price of $33.00.
Myriad geared into fiscal 2013 on a positive note with EPS of $0.36 (up 24%) and revenues of $133.4 million (up 21%) both sailing past the Zacks Consensus Estimates of $0.32 and $130 million respectively. Accordingly, the company raised its fiscal 2013 guidance which is another positive takeaway. Myriad's flagship product, Bracanalysis, continued to record robust growth while BART test emerged as a major catalyst to accelerate growth in the future. The company strategy of pipeline development and expanding into Europe is also encouraging. Besides, a strong cash balance enables the company to repurchase shares, expand into new markets and launch more products. Based on the strong growth potential of Myriad, we upgrade the stock to Outperform.
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