Piper Sandler upgrades Myriad to 'overweight' on CEO change
ReutersMar 12, 2025 11:42 AM
Brokerage Piper Sandler upgrades medical test kit maker Myriad Genetics MYGN.O to "overweight" from "neutral"; ups PT by $1 to $12.50
Says stock has "more than rebased" after a 50% decline in the last six months
Says new CEO, Sam Raha, is expected to "reset the business"
Last month, MYGN said CEO Paul Diaz is stepping down
Brokerage believes co's stock has found a bottom around the "1x revenue range", as they think the company's "biggest remaining potential downside is expectations set by a previous CEO"
Co has a "solid core franchise in esoteric testing" with high-margin products that can grow in the high single digits - brokerage
MYGN fell 27.8% in 2024
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