CellaVision: New blood
We initiate coverage of CellaVision, the undisputed market leader in digital microscopy for hematology. While the share gives investors exposure to an important long-term technology shift and the company has performed impressively, we see limited short-term upside potential in the share at current levels. However, we see long-term potential in the case and believe that short-term dips can provide good opportunities to buy the share.