Craig-Hallum starts Cerus at Buy, sees shares more than doubling

Craig-Hallum initiated coverage of Cerus with a Buy rating and $5 price target. The analyst says Cerus plays a critical role in the U.S. and global blood supply system. The firm estimates 80% to 85% of all blood centers in the U.S. use the company’s Intercept Blood System, and that 60% to 65% of all U.S. transfused platelets are treated with this technology. The firm sees Cerus returning to growth in 2024 and finds the stock’s risk/reward compelling at current share levels. Hallum believes the stock should more than double over the next 12 months.