Leerink Partners Resumes Bio-Techne Corp. (TECH) at Outperform
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Leerink Partners resumes coverage on Bio-Techne Corp. (NASDAQ: TECH) with an Outperform rating and a price target of $122.00.
Analyst Puneet Souda commented, "We view Bio-Techne (TECH) as: (1) a nimble research tools engine with a favorable consumables profile (90% of sales) that continues to deliver well beyond its mid-single-digit organic growth targets, and we believe it can potentially deliver a 9% CAGR between FY2016-2019E; (2) a company with an established track record of successfully executing on inorganic growth via strategic acquisitions, and one poised to grow further in a highly fragmented research tools industry as it acquires more assets; and (3) uniquely positioned to benefit from the expected NIH budget appropriation for FY2017, given that the majority of what it sells are higher value kits and consumables that are generally desired irrespective of the strength in funding environment."
Shares of Bio-Techne Corp. closed at $103.82 yesterday.
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