Exact Sciences price target raised to $120 from $85 at Stifel

Stifel raised the firm’s price target on Exact Sciences to $120 from $85 and keeps a Buy rating on the shares. The firm notes that the company’s investor day event was upbeat and helpful for those looking to understand the contrasting capabilities that exist amongst various Dx companies. Beyond the news on Cologuard 2.0 data, investors got an updated view on out-year growth and profitability and some color on the pipeline assays that still need data support, but which will yield a comprehensive oncology menu that should be positioned well. Altogether, Stifel left “feeling good” about Exact Sciences. While the stock may have been down initially on a mix of profit-taking post a big run and a long-term view that was perhaps more reserved than some expected, the longer-term thesis continues to point to a solid trajectory, accelerating business momentum, differentiated profitability path, and reasonable valuation, the firm adds.