Leerink Partners Resumes Bruker (BRKR) at Market Perform
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Leerink Partners resumes coverage on Bruker (NASDAQ: BRKR) with a Market Perform rating and a price target of $21.00.
Analyst Puneet Souda commented, "We are resuming coverage of Bruker Corp. (BRKR) with a Market Perform rating and $21 price target. Bruker is facing a number of challenging headwinds which have intensified during the course of the year, including: (1) still weakening industrial end-markets with expectations of reaching trough point in 2017 and potential recovery in 2018 and beyond; (2) continued delays in European academic funding environment with Europe accounting for 42% of BRKR’s sales; (3) challenges in generating further operating leverage after the 300 bps improvement gained in 2015 and 160 bps so far this year via the 3-year long transformation at BRKR, and (4) limited (only 10%) exposure to biopharma R&D, at a time when biopharma growth continues to deliver double digit growth among life science tools peers. Given that backdrop, we believe it will take another full year for BRKR to reach market growth rates, limiting any upside to the stock in the near-term. As a result we are more inclined to stay on the sidelines for now."
Shares of Bruker closed at $22.25 yesterday.
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