Raymond James analyst Andrew Cooper upgraded the rating on Azenta to a Buy today, setting a price target of $35.00.
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Andrew Cooper has given his Buy rating due to a combination of factors that suggest Azenta’s stock is poised for improvement. Despite a recent noisy financial quarter, Cooper believes the stock has reached a low point that represents a buying opportunity. He highlights the potential for modest revenue growth and significant margin improvements, which could justify a higher EBITDA multiple.
Furthermore, Cooper notes that the company’s cost-saving and efficiency initiatives under new management are beginning to show positive results. He also points out that the market’s reaction to recent earnings was overly negative, given that Azenta’s Multiomics business performed better than many of its peers. Overall, Cooper is optimistic about the company’s future performance, especially as market conditions improve, supporting a return to more favorable valuation multiples.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $40.00 price target.