PerkinElmer (PKI) PT Raised to $175 at Stifel Following EPS and BioLegend Deal

Stifel analyst Daniel Arias raised the price target on PerkinElmer (NYSE: PKI) to $175.00 (from $155.00) while maintaining a Buy rating.

The analyst commented, "Yesterday, PKI announced another acquisition (the company's 7th announced since Horizon in Nov '20 - though by far the largest), as well as 2Q21 results. In our view, the results were solid if not somewhat expected (we came away from the analyst day feeling as though the quarter had been fairly de-risked), but the M&A is intriguing in that PKI has found an asset in BioLegend that is large enough to move the needle, growing at a well-above-average rate, accretive, and further enhances the portfolio in a meaningful way. While it may take some time to see what level of elevation has been achieved in terms of sustainable organic growth, we do believe the company is doing a solid job when it comes to improving the set of offerings in order to get there."

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