Deutsche Bank on Danaher (DHR): 'We expect strength in DHR stock'
Deutsche Bank analyst Justin Bowers reiterated a Buy rating and $270.00 price target on Danaher (NYSE: DHR).
The analyst comments "We expect strength in DHR stock after a solid 1Q beat and waning sentiment into first quarter results. Danaher topped the Street and our 1Q24 Revenue / EPS estimates by 3% / 12% with strong segment performance across the board and improving order trends in Bioprocessing. The company posted its strongest Bioprocessing book-to-bill (0.95x) in at least two years with +mid-single digit QoQ growth. And, Diagnostics remains strong with ongoing share gains and high-single digit core growth. At the segment level, Biotechnology, Life Sciences, and Diagnostics outperformed our model by 4% / 5% / 4.5% on an organic revenue basis. Operating leverage and DBS drove outsized incrementals with operating margin of 30.1% topping our 27.8% forecast despite a headwind from currency (1%)."
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Shares of Danaher closed at $236.08 yesterday.