Canaccord Genuity Believes Alere Inc (NYSE: ALR) Still Has Room to Grow

By Carrie Williams

Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on Alere Inc (NYSE: ALR) today and set a price target of $51. The company’s shares opened today at $48.08, close to its 52-week high of $49.53.

According to TipRanks.com, Massaro is a 5-star analyst with an average return of 11.0% and a 59.8% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quest Diagnostics Inc.

Alere Inc has an analyst consensus of Moderate Buy, with a price target consensus of $51.

Based on Alere Inc’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $582 million and quarterly net profit of $21.82 million. In comparison, last year the company earned revenue of $578 million and had a GAAP net loss of $10.08 million.

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Alere, Inc. engages in developing, manufacturing, and marketing consumer and professional medical diagnostic products. It operates through the following segments: Professional Diagnostics, Consumer Diagnostics, and Corporate and Others. The Professional Diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests. The Consumer Diagnostics segment consists manufacturing operations. The company was founded by Ronald Zwanziger on May 11, 2001 and is headquartered in Waltham, MA.