Piper Jaffray Introduces 2012 Estimates On QGEN

Piper Jaffray said today that, consistent with its recovery thesis, it is modeling an increase in Qiagen NV's QGEN constant currency growth from 8.6% in 2011 to 9.4% in 2012, “with the potential for upside, in our opinion, back to the company's long-term stated goal of ‘double digit growth.'” “We are modeling this in spite of additional competition in the U.S. HPV market, where we are forecasting a decline in the company's revenue, offset by continued testing expansion in Europe,” Piper Jaffray writes. “We expect to see a reacceleration in operating margin performance with several clinical trials ending in 2011 and also from ongoing gains in S&M (where they have already staffed up considerably over the past 2 years).” All-in, Piper Jaffray is forecasting increasing EPS growth of 16.3% to $1.15, up from flat in 2010 and 10.8% in 2011. Piper Jaffray has also raised its PT to $24, up from $21. Qiagen NV closed Wednesday at $19.47.