As previously reported, Wells Fargo analyst Timothy Daley upgraded Danaher to Overweight from Equal Weight with a price target of $285, up from $275, as the firm gets selectively constructive on names with overshot pessimism. Wells believes fears over instrument demand are overblown, with mass spec showing better than normal seasonality in Q1 2023, but with competition getting intense. Further, the firm notes that sentiment is skewed heavily pessimistic, anticipating further cuts to biopharma demand outlooks, with the market underappreciating proactive de-risking of end market headwinds taken by many companies. Overall, Danaher overblown valuation and pessimism get Wells more constructive here.
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Published first on TheFly
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