UPDATE: Jefferies Upgrades Bruker Corporation to Buy on Increased Confidence in 2013 Outlook

Jefferies analyst Jon Wood published a report on Bruker Corporation

that upgraded its rating from Hold to Buy and raised the price target from $20 to $25. Jefferies reported that, “Formal 2013 outlook appears more than adequately conservative: While BRKR's business mix (62% gov't / academic / >80% capital equipment) is relatively unfavorable in current environmental conditions, we see improved dynamics in EU gov't / academic endmarkets in 2013 (+4% vs 0% in 2012), which account for 30% of BRKR's revenue (vs 7% for peers). In addition, improved competitive conditions in the NMR / MRI market (33% of revenue), a continuation of elevated new product vitality, and manageable exposure to US gov't / academic markets (10% of revenue) suggest its formal 2013 organic revenue outlook (+3.5% vs +4.0% for peers) is more than adequately conservative in the context of material outperformance historically (+9.0% vs +6.0% for peers).” Shares of Bruker Corporation closed at $18.68 on Wednesday.