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Danaher Corporation’s (NYSE:DHR) portfolio, with 75% recurring revenues and more than a 90% mix in life sciences and diagnostics, appears “incrementally more attractive” amid the currently harsh macro environment, according to RBC Capital Markets.
The Danaher Analyst: Deane Dray upgraded Danaher from Sector Perform to Outperform, while raising the price target from $299 to $310.
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The Danaher Thesis: The company is a defensive safe-haven and its relative valuation “presents attractive entry point,” Dray said in the upgrade note.
“This upgrade is also consistent with our sector call to increase defensive exposures,” he added.
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“We believe the concerns with Danaher’s looming tough COVID comps are overdone, creating an opportunity to own this high-quality defensive name at a reasonable entry point,” the analyst wrote.
“Danaher’s +$20 billion M&A war chest should provide ample firepower to fill any earnings hole,” Dray further mentioned.
DHR Price Action: Shares of Danaher had risen by 0.44% to $264.97 at the time of publication Wednesday, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.