Bruker Corporation (NASDAQ:BRKR) posted better-than-expected third-quarter results, but lowered its FY24 guidance on Tuesday.
Bruker posted adjusted earnings of 60 cents per share, beating market estimates of 59 cents per share. The company posted sales of $864.400 million versus expectations of $859.384 million.
Frank H. Laukien, Bruker's President and CEO, commented, "Despite biopharma and China recovery delays, orders for our differentiated post-genomic, multiomics, cleantech, semicon and diagnostics solutions are gradually improving, with upper mid-single digit BSI organic bookings growth in Q3 year-over-year. However, nascent biopharma and China recoveries will not benefit our fiscal year 2024 anymore, and accordingly we are lowering our FY2024 guidance. Integrating and improving our strategic acquisitions is making good progress and will further accelerate Bruker's remarkable transformation. We are confident in our ability to drive above-market organic revenue growth with significant margin expansion in 2025."
Bruker shares fell 1.9% to trade at $60.15 on Wednesday.
These analysts made changes to their price targets on Bruker following earnings announcement.
- Barclays analyst Terence Malone maintained Bruker with an Overweight and lowered the price target from $75 to $69.
- Wells Fargo analyst Brandon Couillard maintained Bruker with an Overweight and lowered the price target from $78 to $75.
- TD Cowen analyst Dan Brennan maintained the stock with a Hold and lowered the price target from $72 to $70.
- Citigroup analyst Patrick Donnelly maintained Bruker with a Buy and cut the price target from $80 to $75.
Considering buying BRKR stock? Here's what analysts think:
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