Piper Sandler raised the firm’s price target on Exact Sciences to $85 from $75 and keeps an Overweight rating on the shares. The firm sees Exact Sciences as having significant operating leverage even if Cologuard simply grows at consensus numbers. Currently, Cologuard Plus is still not in consensus numbers and represents further growth and a margin expansion opportunity. Piper doesn’t believe Exact Sciences’ blood test will read out with breakthrough results, but assuming it’s in a similar zip code to Guardant Shield, it would represent a defensive opportunity where investors could stop looking at Exact Sciences as having an impaired terminal value.
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