GeneDx price target raised to $75 from $34 at Wells Fargo

Wells Fargo raised the firm’s price target on GeneDx (WGS) to $75 from $34 and keeps an Equal Weight rating on the shares after the company posted a material Q3 revenue beat. Despite impressive growth and execution, valuation implies a sizable premium, leaving the firm at Equal Weight, the analyst tells investors in a research note. The firm also raised its 2024-2026 revenue estimates by 8%-9%, which results in an sharply increased price target The analyst added that management deserves credit for effecting one of the “most impressive and fastest” turnarounds in this industry.