Bio-Techne downgraded to Hold from Buy at Stifel

Stifel downgraded Bio-Techne to Hold from Buy with an unchanged price target of $65. With the company’s first half of 2024 organic growth flattish and second half expectations calling for something similar, it’s hard to see the stock outperforming in the near- to mid-term, particularly given the incremental pharma concerns that led to the fiscal Q2 miss, the analyst tells investors in a research note. The firm sees the stock’s valuation “getting stuck” while the top-line languishes, and believes the company’s fiscal calendar will make it difficult to confidently underwrite a 2025 return to double-digit growth.