- Stifel has downgraded PerkinElmer ( NYSE: PKI ) from buy to hold following the recent announcement that Jamey Mock is leaving as the company's CFO .
- The firm also reduced its price target to $170 from $190 (~13% upside based on Wednesday's close).
- Analyst Daniel Arias said that the company needs above-average execution at a time when it is selling its non-core assets to invest in its core business.
- PerkinElmer ( PKI ) recently decided to divest its analytical, food, and enterprise services businesses to focus on its life sciences and diagnostics segments, which Arias called "a clear strategic positive."
- But he noted that Mock was critical to that process.
- "We're simply stepping to the sidelines as PKI lands the plane with new mgmt over the next 6+ months," Arias wrote.
- Seeking Alpha's Quant Rating views PerkinElmer ( PKI ) as a hold with high marks for revisions and profitability.
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PerkinElmer downgraded to hold at Stifel on CFO departure