Bernstein lowered the firm’s price target on Guardant Health (GH) to $35 from $40 and keeps an Outperform rating on the shares. With the large, diversified tools companies taking a hit this earnings season, the firm sees the diagnostics names as the safe place to be in the sector. Broadly, reimbursement tailwinds from the biomarker bills continue to help ASPs in the sector, with California’s bill now live and the introduction of a new bill from Hawaii. On the regulatory front, the FDA LDT regulation was enacted in Q2, though legal challenges have been mounting as expected, Bernstein adds.
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