UPDATE: JP Morgan Downgrades Bruker Corporation to Neutral on Macro Risk
JP Morgan cut its rating on Bruker Corporation (NASDAQ: BRKR) from Overweight to Neutral and reduced its price target from $17 to $16.
JP Morgan noted, "We are lowering our rating on BRKR from Overweight to Neutral on macro risk, given outsized exposure to Europe (41% of sales) and the potential for a slowdown in the industrial business (e.g., Veeco, CAM); we are reducing December 2012 price target from $17 to $16. … Given significant uncertainty globally, but especially in the EU (~41% of sales), we believe that it is prudent to move to the sidelines, until we see a pronounced slowing in growth in order rates."
Bruker Corporation closed at $13.39 on Tuesday.
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