QuidelOrtho downgraded to Sell from Neutral at UBS

UBS analyst John Sourbeer downgraded QuidelOrtho to Sell from Neutral with a price target of $42, down from $70. The analyst believes there is downside to guidance and consensus estimates, visibility is low, and there is a lack of near-term positive catalysts. The firm estimates QuidelOrtho’s current valuation implies organic decline of 3% in 2024 versus its model of 6%, leading to further potential share price depreciation. Respiratory and Savanna guidance are Q4 weighted, and the lack of near-term visibility presents downside risk to estimates, says UBS.