As previously reported, Piper Sandler analyst David Westenberg upgraded Guardant Health to Overweight from Neutral with a $40 price target. The firm is a buyer of Guardant Health shares given recent weakness mixed with its industry data that suggests the company’s position in profiling should help it sustain about 20% growth for a number of years. The recent stock selloff presents a compelling opportunity to own the first mover in liquid biopsy, Piper adds. While the firm has a much more conservative view on Guardant Health’s ability to generate near-term ROI in screening and MRD, at only 4.8-times consensus 2024 revenue, Piper thinks the implied valuation of those businesses is negative.
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