Needham has upgraded PerkinElmer (PKI +4.0%) to Buy from Hold with a $139 price target (17% upside), also adding the stock to his Conviction Buy list.
The analyst is impressed with the “strong operational performance” of the company’s Diagnostics segment as the company reported almost doubled earnings in Q2.
The company said that Q2 was the best quarter of profitability since the creation in 1999, with 28% adjusted operating margins, adjusted earnings was up over 50% and adjusted free cash flow by over 200% Y/Y.
The analyst adds that these trends “clearly” bode well for PerkinElmer’s performance in 2H of this year and into 2021.
The company saw a common ground from other analysts as well, with JPMorgan Chase increasing target price from $85 to $105 with a “neutral” rating. CFRA raised from “hold” rating to a “buy” rating. Stifel increased target price from $95 to $125 with “buy” rating.
https://seekingalpha.com/news/3613428-needham-upgrade-lifts-perkinelmer-shares-up-4
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