Hologic price target raised to $90 from $83 at Needham

Needham analyst Mike Matson raised the firm’s price target on Hologic to $90 from $83 and keeps a Buy rating on the shares. The company’s Q1 sales were consistent with its pre-announcement on January 7th and its earnings topped consensus, the analyst tells investors in a research note. Hologic’s growth was driven by improved gantry backlog conversion in Breast Health, non-COVID Diagnostics, and GYN Surgical, while its operating margin was above consensus, though it was down 260 bps from last year due to deleveraging from the decline in COVID testing and four fewer selling days, the firm added.