UPDATE: Wolfe Research Upgrades PerkinElmer (PKI) to Outperform
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Wolfe Research analyst Steve Beuchaw upgraded PerkinElmer (NYSE: PKI) from Peerperform to Outperform with a price target of $172.00 (from $165.00).
The analyst comments "Ahead of PKI Analyst Day (June 24), we reviewed our estimates and assessed our PKI forecasts in each end market against historical performance and relative to overall market performance. This leaves us more comfortable with our estimates alongside revising down further our COVID-19 testing numbers (lower antigen test revenues) and we still remain above consensus topline by +5% to +6% through 2023E. Wolfe higher numbers are largely driven by our Diagnostic segment expectations, which are +6%/+12%/+15% ahead of consensus in ‘21E/’22E/’23E. Consensus implied organic diagnostics ex-COVID ’19-23E CAGR is likely ~5% (assuming only $100mn in COVID19 testing in ‘23E per company guidance) versus Wolfe organic diagnostics ex-COVID ’19-23E CAGR of 7%, which is more in-line with historical company performance (Exhibit 7). All in, our diagnostic segment forecasts grow at a 13% nominal basis (2019-2023E CAGR) including COVID-19 testing contributions of $210mn with $120mn in RNA/DNA extraction revenues and the remainder from PCR, antigen, and serology COVID-19 testing portfolio as we believe the disease will remain endemic."
Shares of PerkinElmer closed at $148.11 yesterday.
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