Exact Sciences (EXAS – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Derik De Bruin from Bank of America Securities remains neutral on the stock and has a $88.00 price target.
Derik De Bruin has assigned a Buy rating to Exact Sciences based on a robust financial performance and promising future projections. The company’s fourth-quarter sales exceeded both internal and external expectations, largely driven by its Screening and Precision Oncology segments. Specifically, Exact Sciences reported preliminary revenues that were ahead of the Street’s estimates, showcasing a significant year-over-year growth within its Screening sales, which includes the widely recognized Cologuard tests. The reported test volumes for Cologuard also surpassed estimates, indicating a strong market presence and sustained demand for the company’s screening services.
Furthermore, the company’s initial guidance for the fiscal year 2024 aligns with market expectations and even exceeds the more conservative estimates set by Bank of America, suggesting a confident outlook for continued revenue growth. Despite the announcement of a CFO transition, the financial outlook remains positive, bolstered by the company’s solid position as it enters the new fiscal year. Exact Sciences is expected to expand further in the cancer testing field and has key clinical data releases on the horizon that could enhance its market standing. The combination of these factors, coupled with an attractive valuation and prospects for improving profitability, solidifies De Bruin’s Buy rating for the stock.
In another report released on January 5, BTIG also maintained a Buy rating on the stock with a $90.00 price target.
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Exact Sciences (EXAS) Company Description:
Founded in 1995, Wisconsin-based Exact Sciences Corp. is a molecular diagnostics company, which focuses on the early detection and prevention of colorectal cancer.
Read More on EXAS:
- Exact Sciences Announces Preliminary Fourth Quarter 2023 Results
- Benchmark upgrades Exact Sciences to Buy, names best idea for 2024
- Exact Sciences upgraded to Buy from Hold at Benchmark
- Exact Sciences initiated with bullish view at Guggenheim, here’s why
- Exact Sciences initiated with bullish view at Wolfe Research, here’s why
