Jefferies Raises Its PT on Hologic to $24 (HOLX)

Jefferies is out with its report today on Hologic HOLX, raising its PT from $21 to $24. In a note to clients, Jefferies writes, "We are raising our PT to $24 from $21 to reflect expanded forward med-tech multiples (currently trading 18.0x on a forward P/E basis) coupled with greater confidence in the pending Tomosynthesis product which could comparable growth similar to the analog to 2D transition over five years ago. Our revised $24 price target now reflects: 1) $23 Forward P/E target (17.0x CY11), 2) $22 Forward TEV/EBITDA (10.0x CY11), 3) $21 Levered FCF (13.0x CY11), 4) $23 10-year DCF target." Jefferies has a Buy rating on HOLX. At last check, shares of HOLX were trading at $19.65, down 1.36% from Monday's close.