UPDATE: Citigroup Reiterates on Brooks Automation as Non-Semi Weakness Drives Lower Product Solutions Growth

In a report published Monday, Citigroup analyst Terence Whalen reiterated a Neutral rating on

, and raised the price target from $9.50 to $10.50. In the report, Citigroup noted, “BRKS stock is up 3% since guiding Dec-Q sales of $118M or below our/Street $121M/$123M on adjacent or non-semi market weakness (down 40% qq). While Life sciences (10% of sales) biz is expected to grow +20% Y/Y in C14, we wait for a recovery in BRKS product solutions biz (70% of sales) to turn more constructive on the stock.” Brooks Automation closed on Friday at $10.24.