HOLX - Hologic perks up as BTIG maintains buy rating

After rising ~4.5% during the day, Hologic (HOLX) is extending the gains to post-market after BTIG Capital Markets maintains the buy rating on the stock citing the company’s strong performance in the first quarter of fiscal 2021.With Hologic top-line and bottom-line beating the consensus by ~14% and ~16% respectively the analyst Ryan Zimmerman and the team note the robust COVID-19 test demand, with a price target of $84, ~10.8% upside to today’s close.The analysts expect the testing demand should continue into Q2 FY21 along with pricing as COVID-19 testing remains the focus of the new administration.Despite the pressure on ‘Breast and GYN-Surgical’ due to rising coronavirus cases, the analysts argue that the top-line and bottom-line guidance for Q2 2021 come ~14% and ~18% ahead of consensus respectively ‘as testing drives continued leverage to the bottom-line.’Early this month, Wells Fargo also expected Hologic to benefit from COVID-19 tailwinds in 2021 as point-of-care testing

For further details see:

Hologic perks up as BTIG maintains buy rating