Raymond James starts Cytek with a Market Perform as budgets tighten

As previously reported, Raymond James analyst Andrew Cooper initiated coverage of Cytek Biosciences with a Market Perform rating and no price target as the firm expands its coverage to “more substantially include” players in the Life Science Tools & Services space. The firm likes that Cytek’s differentiation is allowing for growth in the “fairly mature” flow cytometry market, but the about 84% exposure to capital sales of instruments is concerning in the near-term given tightening budgets, the analyst tells investors.