Piper Jaffray Neutral On Abaxis Inc. (ABAX)

Piper Jaffray has a Neutral rating and is raising its price target on shares of Abaxis Inc. ABAX to $27 from $23. In a note to clients, Piper Jaffray writes, "During NAVC (North American Veterinary Conference), we met with Abaxis management and came away from the meeting feeling incrementally more positive about the company's near- to intermediate-term prospects. Work continues on the launch of a low-cost reference lab partnership and an announcement is expected in the very near term. At the conference, Abaxis introduced another rapid assay (Parvo) and we anticipate additional near-term introductions (e.g. Giardia). Based on the company's growing product portfolio and the longer-term potential of the Medical business, we are upgrading ABAX shares to Neutral from Underweight. We are also rolling our valuation metrics to CY2012 which increases our price target to $27." Shares of ABAX gained 49 cents yesterday to close at $26.73.