Quidel downgraded to Hold from Buy at Craig-Hallum

Craig-Hallum analyst Alexander Nowak downgraded Quidel to Hold from Buy and lowered his price target to $51 from $80 following a “surprising” court ruling that the “Beckman BNP non-compete agreement is void”. The analyst states that since BNP is about half of the company’s EBITDA, the development represents a “material blow to the company”. Nowak further notes that Quidel’s “multiple expansion was its diversification away from flu”, and the latest news makes its model “once-again, levered to the flu season”.
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