Piper Jaffray Upgrades GPRO to Overweight

Piper Jaffray has issued a report upgrading Gen-Probe GPRO from Neutral to Overweight. According to the report, "Yesterday, the Wall Street Journal published an article describing Novartis' withdrawal from Gen-Probe takeover discussions, reportedly removing the last remaining bidder and causing GPRO shares to decline to levels well below when the initial story describing the company's potential sale broke on 4/28/11. Accordingly, we believe takeover speculation is largely out of the stock at current levels." GPRO has a $78 Price Target and closed at $62.41 a share yesterday.