NEW YORK (TheStreet) -- Foundation Medicine (FMI) shares are down slightly, 1.9% to $45.85 in early market trading, one session after the company more than doubled it's stock price in trading following the announcement of a merger agreement with Roche Holding AG (RHHBY) .

However, analysts at JMP Securities reiterated their "market perform" rating and raised their price target on the company to $67 from $45 suggesting a potential 46.1% upside from the stock's current price.

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The firm met with the company's management yesterday after the announcement where it learned that the cash infusion from the deal would accelerate the development of of a circulating tumor DNA test to late 2015 from early 2016.

Additionally, the firm discovered that "Despite investor concerns, management noted that the company'sexisting pharma partnerships have voiced a high degree of praise and support for the Roche relationship.While the information unique to each partner is proprietary, Foundation Medicine often improves uponits pharma offerings as the company learns from its customers' needs."

"Thus, FMI's pharma offerings arelikely to get better, faster. 2016 revenue estimates likely leave room for upside potential, given thatinternational revenue and circulating DNA testing revenue is not in our estimates," analysts said.

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Will Foundation Medicine (FMI) Stock be Helped Today by This Price Target Increase?