Needham & Company Keeps Brooks Automation (BRKS) at 'Buy' Amid Cool Lab Deal
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Needham & Company affirms Brooks Automation (Nasdaq: BRKS) at Buy with a price target of $17 following news that it acquired Cool Lab.
The firm commented Wednesday:
Deal is in line with BRKS's strategic push to become a comprehensive provider of sample management solutions. When BRKS initially started its Life Science effort, it planned to become an equipment supplier. However, as BRKS continued to develop the business, it has strategically increased its efforts in selling consumables. With the acquisition of BioStorage in Nov 2015, the majority of its Life Science business has become a recurring revenue stream, which has been an important factor in driving growth and profitability in this segment. We believe this latest deal matches with BRKS' strategic transitioning from tools to consumables, sample management and informatics, ultimately becoming a comprehensive provider of sample storage solutions.
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