UBS Raises price Target on PerkinElmer (PKI) to $61; Reiterates Buy

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."

For an analyst ratings summary and ratings history on PerkinElmer click here. For more ratings news on PerkinElmer click here.

Shares of PerkinElmer closed at $54.29 yesterday.

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