Azenta price target lowered to $68 from $78 at Needham

Needham analyst David Saxon lowered the firm’s price target on Azenta to $68 from $78 but keeps a Buy rating on the shares. The analyst cites the company’s Q1 revenue shortfall driven by a lower B Medical contribution, though its management is confident that organic growth should accelerate in the second half of FY23. Q2 should mark the trough for Azenta revenue growth and margins, but the company also has the visibility to revenue growth acceleration and margin improvement, the firm tells investors in a research note.