Benchmark upgraded Exact Sciences to Buy from Hold with a $91 price target. The analyst also named the stock a best idea for 2024. Exact should benefit from steady growth in its base business, continued progress on the new product pipeline, and an improving interest rate climate that enables the stock to sustain a higher multiple, the analyst tells investors in a research note. The firm believes Cologuard should continue to build on the momentum seen in 2023, driven by electronic ordering, expansion into the 45-plus year old screening market, and health system partnerships that promote patient engagement with colon cancer screening guidelines. Benchmark also believes the company’s new product initiatives for therapy selection, molecular residual disease, multi cancer early detection, and a colorectal cancer blood test look promising and can become meaningful revenue contributors in 2025 and beyond.
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