Steris price target raised to $250 from $240 at Stephens

Stephens analyst Jacob Johnson raised the firm’s price target on Steris to $250 from $240 and keeps an Overweight rating on the shares. Q2 of 2022 “proved to be peak fundamentals” for life science tools and pharma services companies, says the analyst, who notes that estimates and multiples have come in across the space over the last 12-24 months and adds that “to be candid it does not appear 2Q23 EPS will be a positive catalyst.” While stating that “investors have little conviction” heading into Q2 reports, the firm would argue this is contemplated in buyside expectations and hopes this quarter “will prove to be a clearing event,” the analyst tells investors in an earnings preview note.