23andMe (NASDAQ:ME) stock is rising higher on Tuesday after Credit Suisse weighed in on the personal genomics and biotechnology company.
Credit Suisse analyst Tiago Fauth initiated coverage of ME stock after markets closed on Monday. That coverage starts with an outperform rating. That matches up with other analysts, which have a consensus buy rating for the stock.
To go along with that rating is a price target for ME stock from the Credit Suisse analyst. Fauth set their price target for ME shares to $13 each. That’s above the consensus price target of $12.50 per share for the stock. It also represents a roughly 78% upside over the stock’s closing price on Monday.
So what has Fauth taking such a bullish stance on ME? Here’s a portion of their letter, as collected from TheStreet.com.
“Ultimately, we believe ME’s long-term value creation comes from its database and therapeutics engine, with the Consumer segment helping to support database expansion and contributing on an Adjusted EBITDA basis in 2023 and beyond.”
The new rating for ME is getting it some extra attention from investors today. As of this writing, more than 6 million shares of the stock have changed hands. That’s a hefty increase over the company’s daily average trading volume of about 1.8 million shares.
ME stock was up 13.4% as of Tuesday afternoon but si down 25.5% since the start of the year.
There’s more stock market news for investors to check out below!
InvestorPlace tracks the latest stock market happenings with our daily coverage of the market. That includes the latest concerning Endeavor Group (NYSE:EDR), Roblox (NYSE:RBLX), and Sea Limited (NYSE:SE) today. You can learn what’s happening with these shares at the following links!
More Tuesday Stock Market News
- EDR Stock: Why Ari Emanuel’s Talent Agency Endeavor Group Is Surging Today
- RBLX Stock: Why Roblox Shares Are Taking a Hit Today
- SE Stock: 14 Things That Have Sea Limited Investors Feeling Bullish Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed