Cutting Estimates, Price Target On Myriad Genetics Following Poor Q1 - First Albany Comments Wednesday, First Albany cut its 2004 and 2005 EPS estimates for Myriad Genetics, Inc. (MYGN). The brokerage also slashed its price target on the MYGN stock.
These changes, according to analyst David Webber, were an effect of disappointing 2004 first quarter results. The analyst observed that predictive medicine test revenues declined sequentially for the first time ever. Myriad posted EPS loss of $0.35 versus the brokerage�s loss estimate of $0.37 and that of consensus at $0.31.
Thus, the brokerage increased its 2004 EPS loss estimate to $1.63 from $1.59. Its 2005 loss estimate also increases to $1.96 from $1.86. Concluding, the brokerage maintains its Buy rating on the Myriad stock with its price target being lowered to $15 from $18.