Goldman Sachs Upgrades This Little-Known Diagnostics Stock, Says It Can Rally 40% from Here
Goldman Sachs has upgraded a little-known diagnostics stock and believes that it has the potential to rally by up to 40%, even though the stock is already up by 21% year-to-date.
The stock in question is called Quidel Corporation, and it is a California-based company that specializes in rapid diagnostic testing solutions. The company’s stock currently trades on the NASDAQ stock exchange.
Goldman Sachs analysts have upgraded Quidel’s rating to a “buy” from its previous “neutral” rating and have set a price target of $262. This represents an approximate 40% upside from the company’s current stock price of $187.60.
Goldman Sachs analysts believe that the upgrade is warranted because of the growing demand for rapid diagnostic testing services. They note that Quidel has a strong portfolio of COVID-19 testing solutions, which have seen strong demand due to the ongoing pandemic.
Furthermore, they also believe that the company’s future growth prospects are strong, as they expect to see increased demand for rapid diagnostic testing across a variety of industries, including healthcare, food safety, and veterinary medicine.
Goldman Sachs is not alone in its bullish outlook for Quidel. Other investment banks, including Needham and BTIG, have recently raised their price targets for the company.
Quidel has been on an upward trend since the beginning of the year, and its stock price has more than doubled since last year’s lows. Analysts expect that this trend will continue, with the company’s strong product portfolio driving growth in the coming years.
Overall, the future looks bright for Quidel, and with the support of leading investment banks like Goldman Sachs, there is plenty of room for the stock to rally even further. Investors who are looking for a growth stock that is well positioned to benefit from the ongoing demand for rapid diagnostic testing should consider adding Quidel to their portfolios.
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