Needham & Company analyst David Saxon lowered the price target on Azenta, Inc. (NASDAQ: AZTA) to $115.00 (from $155.00) while maintaining a Buy rating.

The analyst commented, "AZTA’s F1Q22 revenue and EPS beat consensus and management provided F2Q22 revenue and EPS guidance that bracketed consensus. Strength was driven by SRS and GENEWIZ, which should continue into F2Q22 given tough comps for the Products category. We expect management to be active in M&A given the ~$2.4B in cash on the balance sheet. We believe AZTA has visibility into acclerating revenue growth all while seeing meaningful margin improvement, and we reiterate our Buy rating."