Harvard Bioscience Inc. (HBIO) PT Raised to $7 at Benchmark, 'Q1 Beat & Raise; Outlook Improving; Raising Price Target'

Benchmark analyst Bruce Jackson raised the price target on Harvard Bioscience Inc. (NASDAQ: HBIO) to $7.00 (from $4.00) while maintaining a Speculative Buy rating.

The analyst comments "Harvard Bioscience reported better than expected 1Q results and raised financial guidance for the year. The revenue beat came despite tough comps due to discontinued products, which removed roughly $5 million in possible revenue for 2023. The lost revenue is being replaced by new products that carry higher gross margins and generate more recurring revenue. Unlike some companies in the Life Science Tools space, Harvard Bioscience says it is not exposed to the downturn in COVID-19-related activities. We’re increasing our 2023 estimates and raising the price target to $7 a share, which is 2.5x our 2024 revenue estimate, at the lower end of the comp group range. If the company continues to execute on its plan to increase cash flow and pay down debt, the shares could experience further multiple expansion."

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