01:50 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our target price by US$1 to US$47, implying a 2024 P/E of 22.3x, in line with its historical average. Q1 2024 net sales fell 5% Y/Y, impacted by the cautious capital spending environment among its customers and lower Covid-19-related sales, partly offset by the continued strong growth from QuantiFERON. Adjusted operating income margin was slightly up by 0.1%-pts as efficiency gain countered higher sales and marketing costs and elevated R&D expense. Qiagen ( QGEN ) reaffirmed the full-year guidance for net sales of at least US$2 billion and adjusted EPS of at least US$2.10 (both at constant exchange rates), which implies a return to growth after two years of declining earnings. Our estimates remain unchanged. We forecast 2024 growth to be supported by the solid QuantiFERON sales as well as easing Covid-19-related headwind (Qiagen ( QGEN ) said Q1 will be the final quarter to be materially impacted by the declining Covid-19-related sales), though larger-scale instruments sales are expected to remain challenging.