Cepheid (CPHD -1.8%) slips on a downgrade to Neutral at Piper Jaffray on concerns that Q4 results and its FY13 outlook could both miss expectations. The company suffered two manufacturing glitches in FY12 that impacted its ability to meet customer cartridge demand in Q3. This created a backlog and the need to put accounts on allocation as management resolved the issue. Piper thinks CPHD may have missed its end of November allocation target. The firm also cut its price target to $34 from $42.