Co-Diagnostics (NASDAQ:CODX) Analysts Set Price Target Between $30 and $36
May 28 2020 - 9:00AM
Analysts from H.C. Wainwright, Maxim Group and Litchfield Hills
have all upgraded or reiterated Co-Diagnostics (NASDAQ: CODX) as
“Buy” rating in the past two weeks. The 3 analysts offering
12-month price forecasts for Co-Diagnostics Inc have a median
target of 35.00, with a high estimate of 36.00 and a low estimate
of 30.00. The median estimate represents a +99.32% increase from
yesterday's closing price of $17.56.
Courtesy: webull.com
The company has seen solid earnings estimate revision activity
over the past month, suggesting analysts are becoming a bit more
bullish on the firm’s prospects in both the short and long
term.
Shares in the company jumped last Friday on the back of
Litchfield Hills Research increasing its price target for
Co-diagnostics to $36, making yesterday’s closing price an
attractive entry point for interested investors. The analysts
reached this consensus after expected first-quarter revenue went
beyond estimates due to demand for the company’s COVID-19 testing
kits.
Litchfield believe that the market for coronavirus tests in the
U.S is worth $52 billion and that that roughly 100 million people
will need to be tested weekly to prevent future breakouts.
Litchfield were not alone: Maxim Group upgraded its rating
on Co-Diagnostics to 'Buy' from 'Hold' also citing growing demand
for the company’s coronavirus diagnostic test.
Analysts at Maxim raised their revenue forecast for the company
and set a price target of $30 stating their belief that
Co-Diagnostics’ Logix Smart COVID-19 test kits have been
“transformative for the company.”
H.C. Wainwright, on the other hand, stated in their research
note that they expect to see CODX stock at the price of $35,
previously predicting a value of $20. The rating they have provided
for CODX stocks is “Buy” according to the report published on May
18, 2020.
“We project that 2020 would be a profitable year for
Co-Diagnostics,” HC Wainwright wrote. “We believe the growth in
testing revenue could be driven by the need to test asymptomatic
populations in order to allow those people to go back to work as
the world’s economies reopen, as well as symptomatic subjects in
hospitals. In addition, a potential second wave of COVID-19 in the
coming fall/winter season may demand testing throughout the year
into 2021.”
As Co-Diagnostics revealed in the earnings report it delivered
two weeks ago, sales of the Logix Smart CODIV-19 test helped lift
its total revenue to $1.5 million during the first quarter and $18
million year-to-date, but analysts following the company expect
enormous gains from there when the company reports on Q2.
Co-Diagnostics has boosted production capacity at its main facility
in Salt Lake City and at a plant in India as part of a joint
venture, and even engaged third party manufacturing support to meet
soaring demand. Analysts note that the Logix Smart test has been
independently verified multiple times. With distribution across 15
U.S. states, plus dozens of countries around the world eager to
contain their own COVID-19 outbreaks, sales of the company's
molecular diagnostic could pass $80 million in 2020.
Disclosure: Co-Diagnostics Inc is a client of BDA
International.
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