UBS Raises price Target on PerkinElmer (PKI) to $61; Reiterates Buy
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UBS reiterated a Buy rating on PerkinElmer (NYSE: PKI), and raised the price target to $61.00 (from $56.00). Recent management commentary reaffirms continued confidence in PKI’s ability to achieve its 22% operating margin target by 2020.
Analyst Jonathan Groberg commented, "As we highlighted in our recent sector note, Life Science & Dx Tools stocks have maintained their rally in 2016 as absolute NTM P/E multiples continue to expand. Against this sector backdrop, we believe PKI offers an underappreciated favorable risk/reward as the stock continues to trade at a discount even as management continues to demonstrate it can deliver on long-term financial targets. We are increasing our price target to $61 reflecting higher peer multiples and continued conviction in our thesis."
Shares of PerkinElmer closed at $54.29 yesterday.
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