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Investing.com - TD Cowen has downgraded Exact Sciences (NASDAQ:EXAS) from Buy to Hold while raising its price target to $105.00 from $90.00 following Abbott’s acquisition announcement. The news has contributed to EXAS’s remarkable 44.96% surge over the past week.
The rating change comes after last week’s news that Abbott Laboratories will acquire Exact Sciences, with TD Cowen’s new price target matching the proposed acquisition price of $105 per share.
Exact Sciences stock closed at $101.01 on Monday, about 4% below Abbott’s proposed deal price, according to TD Cowen’s analysis. InvestingPro data shows the stock is trading near its 52-week high of $101.87 and RSI indicators suggest it’s in overbought territory.
The research firm sees a "low probability" for any competitive bids emerging that would exceed Abbott’s current offer for the diagnostic testing company.
The downgrade reflects TD Cowen’s view that with the stock trading close to the acquisition price and limited upside potential, a Hold rating is now appropriate for Exact Sciences shares. According to InvestingPro, the stock appears overvalued compared to its Fair Value, though analysts expect the company to become profitable this year after posting losses in the last twelve months. Discover more insights with InvestingPro’s comprehensive research report, available for over 1,400 US equities.
In other recent news, Exact Sciences has been at the center of significant developments following Abbott Laboratories’ announcement to acquire the company in an all-cash transaction valued at approximately $21 billion, or $23 billion including net debt. This acquisition has prompted various analyst actions, with Canaccord Genuity downgrading Exact Sciences from Buy to Hold, while raising its price target to $105.00 from $85.00. Similarly, Jefferies has downgraded the stock to Hold, adjusting its price target to $105.00 from $90.00. Meanwhile, UBS has raised its price target on Exact Sciences to $105.00 from $80.00, maintaining a Neutral rating, reflecting its expectation that the acquisition will proceed as planned. The deal is anticipated to be completed by the second quarter of 2026, pending shareholder approval. In a separate development, Quanterix Corporation has announced leadership changes, appointing two former Thermo Fisher Scientific executives to its board of directors. These changes are part of a governance restructuring to support Quanterix’s next growth phase.
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