Barclays analyst Luke Sergott upgraded PerkinElmer to Equal Weight from Underweight with a price target of $145, up from $130. The analyst believes traditional tools companies are likely to continue to outperform as "investors digest a slowing bioprocessing market and what that means for 2023 growth." Post the Applied, Food and Enterprise Services businesses sale, PerkinElmer’s fundamental profile is one of the more attractive in the group, Sergott tells investors in a research note. He believes investor sentiment "has bottomed" and that estimates are "set low-enough to de-risk any material downside surprises."
Published first on TheFly
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