Citi Reiterates Buy Rating on Revvity Inc (RVTY)

Citi analyst Patrick Donnelly reiterated a Buy rating and $135.00 price target on Revvity Inc (NYSE: RVTY).

The analyst comments "RVTY reported 2Q24 revenue of $692mn ((1%) Y/Y organic decline) falling inline with guidance of (LSD%) decline and consensus of $690mn. Adj. EPS of $1.22 was well above consensus of $1.12 driven primarily by stronger OPM. By segment, Life Sciences saw (6%) Y/Y organic decline while Diagnostics saw +3% Y/Y organic growth. Instrumentation and muted pharma spending continue to impact Life Sciences partially offset by +high teens growth in the software business. ImmunoDx remains strong in Diagnostics while Applied Genomics (-LDD decline) remains muted. Turning to the FY24 guidance, the company updated guide now calling for revenue of $2.77-2.79bn (maintained +2% Y/Y organic growth), adj. OPM 28.0-28.5%, and adj. EPS between $4.70-$4.80 (increase of $0.10). We view these results positively particularly the margin performance and during the call we expect to hear additional commentary on the revenue and margin cadence through 2H, underlying market activity, and outlook for China."

For an analyst ratings summary and ratings history on Revvity Inc click here. For more ratings news on Revvity Inc click here.

Shares of Revvity Inc closed at $115.15 yesterday.

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