Piper Sandler Upgrades Neogen (NEOG) to Overweight

Piper Sandler analyst David Westenberg upgraded Neogen (NASDAQ: NEOG) from Neutral to Overweight with a price target of $14.00 (from $13.00).

The analyst comments: “We are upgrading Neogen from Neutral to Overweight and raising our PT to $14. The company has now delivered several consecutive quarters of improving performance, with Food Safety growth, in particular, recently accelerating. This progression led by a new management team is combined with improving adjusted EBITDA margins, positive free cash flow, restored product availability, and a more disciplined commercial strategy. In addition, we believe the progressing manufacturing facility transition removes a major overhang. Overall, this suggests to us that Neogen has moved beyond the stabilization phase of its turnaround and is entering a period of more sustainable profitable growth. We upgrade to OW.”

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

Shares of Neogen closed at $11.64 yesterday.

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