UPDATE: Bank of America Upgrades Bruker Corporation to Neutral on Improving Fundamentals
Bank of America upgraded Bruker Corporation (NASDAQ: BRKR) from Underperform to Neutral and raised the price objective from $15.00 to $19.50.
Bank of America noted, "Although we've been positive on BRKR's technology and long-term outlook, we've been cautious on shares chiefly due to the disappointing track record when it came to delivering on margin expansion, cash flow improvements, and profitability targets. While significant work remains, we are encouraged by the recent restructuring initiatives, which include hiring a new CFO and naming new operating group presidents. In addition, mgmt has shown a new willingness to reduce certain investments and prune unprofitable businesses, highlighting a renewed focus on not just growing, but growing profitably."
Bruker Corporation closed at $18.09 on Wednesday.
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