Jefferies is downgrading Qiagen QGEN to Hold but reports that it is still a core holding.
“The stock's 15% P/E premium rating to peers is still below its historical 20% average, but we think now fairly reflects current lingering concerns of a sustained sub-10% organic growth and HPV testing market maturity,” Jefferies writes.
“We forecast a brighter 2011E, possibly benefiting from US consumer spending given it has the most significant exposure to this geography. However, we await greater visibility on the longer-term potential growth drivers for Qiagen's molecular diagnostics franchise.”
Qiagen closed Wednesday at $19.77.
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