- Credit Suisse has downgraded Danaher ( NYSE: DHR ) to neutral from outperform due to its exposure to bioprocessing inventory reductions and diagnostics potentially pressuring growth.
- The firm also cut its price target to $300 from $315 (~13% upside based on Wednesday's close).
- Analyst Dan Leonard noted that the company has lowered its near-term growth expectations for the bioprocess business, and inventory burn could continue throughout 2023 before normalizing.
- Although Danaher's ( DHR ) molecular diagnostics business has benefitted from the COVID-19 pandemic, Leonard warned that there are "several tempering considerations" involved in that vertical.
- Read why Seeking Alpha contributor Deep Value Ideas recently rated Danaher ( DHR ) a hold.
For further details see:
Danaher downgraded to neutral at Credit Suisse on exposure to inventory reductions