UPDATE: Piper Jaffray Downgrades Cepheid to Neutral, Lowers PT

In a report published Friday, Piper Jaffray & Co. downgraded its rating on Cepheid (NASDAQ: CPHD ) from Overweight to Neutral, and lowered its price target from $42.00 to $34.00. Piper Jaffray noted, “As a reminder, Cepheid experienced two manufacturing issues in FY12, with a plastic parts issue impacting its