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1、Equity Research 1 March 2018 Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investo
2、rs should consider this report as only a single factor in making their investment decision. PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 18. U.S. Life Science Tools Industry View: Positive; Stock rating: OW = Overweight; EW= Equal Weight; UW = Underweight. RS = Rat
3、ing Suspended; Price targets are based on a multiple of 2019 EBITDA estimates. Material discussing our valuation methodology is available upon request. For full disclosures on each covered company, including details of our company-specific valuation methodology and risks, please refer to http:/ Pric
4、eTargetImplied52 Week52 WeekYTDSharesMarketEnterprise Company NameTickerRating3/1/2018PriceReturnHighLowChangeOut.Cap ($MM) Val. ($MM)Accelerate DiagnosticsAXDX.O$25.25$30.45$16.75-3.6%55.7$1,406$1,377 AgilentAOW$67.38$80.0019%$75.00$50.860.6%322.7$21,745$20,863 Bio-Rad LaboratoriesBIO$264.82$279.59
5、$193.1111.0%34.9$9,237$9,287 BrukerBRKR.OEW$29.65$34.0015%$36.53$21.83-13.6%155.6$4,612$4,589 CatalentCTLT.K$40.64$47.87$27.48-1.1%133.3$5,418$7,761 Charles RiverCRLEW$104.94$110.005%$119.05$86.25-4.1%47.4$4,977$6,758 DanaherDHR$95.99$104.82$78.973.4%697.6$66,960$76,657 Exact SciencesEXAS.O$43.76$63
6、.60$19.91-16.7%120.9$5,292$5,219 Foundation MedicineFMI.O$81.05$84.30$24.8018.8%36.3$2,938$2,861 Genomic HealthGHDX.OUW$30.91$28.00-9%$37.50$26.54-9.6%34.8$1,075$957 GenmarkGNMK.O$4.01$13.67$3.63-3.8%55.2$221$215 HologicHOLX.OOW$37.99$54.0042%$46.80$35.33-11.1%276.5$10,505$13,195 ICON PLCICLR.OEW$11
7、3.17$120.006%$124.48$76.460.9%54.0$6,116$6,104 IlluminaILMN.OEW$224.54$215.00-4%$248.97$158.022.8%147.0$33,007$32,323 InvitaeNVTA.K$6.80$11.88$5.15-25.1%52.9$360$390 IQVIAIQVOW$97.20$120.0023%$110.67$76.51-0.7%208.3$20,242$29,508 LabCorpLHOW$170.34$210.0023%$181.72$134.196.8%101.9$17,358$23,803 Lumi
8、nexLMNX.O$19.38$22.42$17.68-1.6%44.1$855$728 Meridian BioscienceVIVO.O$13.80$16.45$12.70-1.4%42.3$584$633 Mettler ToledoMTDEW$596.17$625.005%$697.26$471.14-3.8%25.5$15,186$16,017 Myriad GeneticsMYGN.OEW$31.80$35.0010%$41.57$17.50-7.4%69.9$2,221$2,150 Oxford ImmunotecOXFD.O$10.93$19.51$10.00-21.8%25.
9、9$283$222 PerkinElmerPKIUW$74.27$73.00-2%$84.49$53.971.6%110.5$8,207$10,011 PRA HealthPRAH.OOW$82.66$100.0021%$95.90$57.72-9.2%63.8$5,273$6,426 QIAGENQGEN.KOW$32.65$40.0023%$36.34$27.745.6%230.8$7,537$8,278 Quest DiagnosticsDGXEW$100.41$111.0011%$112.97$90.101.9%135.6$13,619$17,266 QuidelQDEL.OOW$42
10、.63$60.0041%$49.47$20.43-1.7%34.9$1,486$1,880 Syneos HealthSYNH.OEW$41.40$43.004%$61.10$31.10-5.0%106.4$4,406$7,091 Thermo FisherTMOOW$205.21$245.0019%$226.44$151.748.1%401.0$82,288$101,961 Waters CorpWATEW$198.17$208.005%$220.20$152.052.6%78.8$15,613$14,217 S 57% of companies with this rating are i
11、nvestment banking clients of the Firm; 74% of the issuers with this rating have received financial services from the Firm. 40% have been assigned an Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 48% of companies with this rating are inve
12、stment banking clients of the Firm; 70% of the issuers with this rating have received financial services from the Firm. 15% have been assigned an Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 38% of companies with this rating are investme
13、nt banking clients of the Firm; 66% of the issuers with this rating have received financial services from the Firm. Guide to the Barclays Research Price Target: Each analyst has a single price target on the stocks that they cover. The price target represents that analysts expectation of where the st
14、ock will trade in the next 12 months. Upside/downside scenarios, where provided, represent potential upside/potential downside to each analysts price target over the same 12-month period. Top Picks: Barclays Equity Researchs “Top Picks“ represent the single best alpha-generating investment idea with
15、in each industry (as defined by the relevant “industry coverage universe“), taken from among the Overweight-rated stocks within that industry. Barclays Equity Research publishes “Top Picks“ reports every quarter and analysts may also publish intra-quarter changes to their Top Picks, as necessary. Wh
16、ile analysts may highlight other Overweight-rated stocks in their published research in addition to their Top Pick, there can only be one “Top Pick“ for each industry. To view the current list of Top Picks, go to the Top Picks page on Barclays Live (https:/ To see a list of companies that comprise a particular industry coverage universe, please go to https:/. Explanation of other t
