Piper Jaffray Overweight On Gen-Probe (GPRO)

Piper Jaffray has an Overweight rating and a $68 price target on shares of Gen-Probe GPRO. In a note sent to clients, Piper Jaffray writes, "Our latest round of CT/NG channel checks show a sequential volume increase of 0.8%, continuing to improve vs. our recent checks (2Q10: -1.1%, 3Q10: -0.2%). Considering the improved 4Q10 channel checks and expectations for stronger OUS CT/NG growth, we are increasing our 4Q10 STD estimate. We view the channel check results as supportive of our physician office visit recovery thesis and anticipate continued improvement throughout 2011. We are increasing our 4Q10 revenue estimate and now are modeling top and bottom-line upside vs. Street consensus. We maintain our Overweight rating and would take advantage of any pullback in the stock." Shares of GPRO gained 80 cents yesterday to close at $59.47.