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NEW YORK – Cowen on Tuesday upgraded Hologic's stock to Outperform from Market Perform and increased the share-price target to $64 from $55.

In a research note, Cowen analyst Chris Lin said that largely as a result of demand for COVID-19 testing, Hologic is on track to place about 500 Panther systems this year, about double its recent annual run rate. "While these placements are primarily driven by COVID-19 testing needs in the near term, we believe labs will continue to utilize these instruments once COVID-19 testing abates," Lin said.

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