QuidelOrtho price target lowered to $81 from $130 at RBC Capital

RBC Capital lowered the firm’s price target on QuidelOrtho to $81 from $130 but keeps an Outperform rating on the shares after its Q4 earnings miss and below-consensus guidance. The firm’s model failed to capture was the magnitude of the swings in margins caused by the severity of flu / respiratory seasons – something that was prevalent for legacy pre-pandemic Quidel, the analyst tells investors in a research note. Analysts also weren’t correctly capturing the fixed costs of COVID-funded manufacturing expansion, RBC added.