Quidel (NASDAQ:QDEL) May Still Get Flu Season Says Canaccord

With the pre-announcement of Quidel (NASDAQ:QDEL) that revenues wouldn't reach Street estimates, it seemed all but over for the quarter for them, but according to Canaccord Genuity, they've held that flu season would be later this year, and see Quidel still benefiting from it.

Canaccord says, "While QDEL pre-announced last evening after the close that revenues would be about $5M below Street estimates due to weak flu test sales, we reiterate our BUY as we always believed the 2010/2011 flu season would emerge later, sometime around late Q1/11."

Canaccord Genuity maintains a 'Buy' Quidel Corp., which closed Thursday at $13.23, losing $1.20, or 8.28 percent. Canaccord has a price target on them of $18.

Quidel's (NASDAQ:QDEL) Rapid Flu Test Should Drive them Soon

With flu season not too far away, Quidel Corp. (NASDAQ:QDEL) should soon be the beneficiary, along with their shareholders, of their trusted rapid flu test.

"We reiterate our rating on QDEL as we believe Quidel’s strong brand reputation and loyalty for its rapid flu test will serve it well when the 2010/2011 flu season finally emerges (we estimate late Q1/11)...We believe QDEL deserves to trade near the POC group average multiple on 2011E price/sales," said Canaccord.

Quidel closed on Friday at $12.82, rising by $0.07, or 0.55 percent. A price target of $18 is held on them by Canaccord. Trading volume was level with the 3-month average.

Canaccord maintains a "Buy" rating on Quidel.