Exact Sciences downgraded to Hold from Buy at Benchmark

Benchmark downgraded Exact Sciences to Hold from Buy and removed the firm’s previous price target. Exact Sciences “turned in a another strong showing” for Q2 and boosted guidance, but even with the firm’s increased revenue estimates the stock “appears to have modest upside,” leading the firm to reduce its rating based on valuation. The firm could get more constructive as the company makes additional progress on the new product pipeline, starting with a planned PMA submission for Cologuard 2.0 around the end of the year, the analyst tells investors.