Mirion Technologies (MIR) PT Raised to $18 at Citi

Citi analyst Andrew Kaplowitz raised the price target on Mirion Technologies (NYSE: MIR) to $18.00 (from $17.00) while maintaining a Buy rating.

The analyst comments "While there were puts and takes in MIR’s 3Q24 results, MIR raising its ’24 organic growth outlook we think is reflective of favorable market positions in healthy end-markets (notably, in nuclear-related end-markets), and encouragingly, MIR identifying $300-$400mn of new order opportunities by the end of ’25 we think is also indicative of broad-based demand growth. Moreover, MIR provided more clarity on the 3Q24 call regarding the Turkey order de-booking (due to a contractual dispute) and commented that there’s potential to regain the business back, which we view as a positive. In addition to reflecting a favorable demand environment, we think 3Q24 results also highlight “self-help” initiatives kicking-in (~370bps y/y Adj. EBITDA margin expansion in Technologies; 3Q24 pre-print estimate of 25.5% vs. actuals of 26.3%). Overall, we get the sense that there is momentum in core commercial nuclear markets, and we expect to hear more at MIR’s upcoming Investor Day (12/3)."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)