BofA Merrill Lynch Upgrades Danahar Corporation to Buy from Neutral, Raises PO to $90.00 from $78.00

In a report published Tuesday, Bank of America Merrill Lynch analyst Andrew Obin upgraded Danaher Corporation

to Buy from Neutral, raising its price objective to $90.00 from $78.00. According to the report, the price objective rise reflects higher comparable trading multiples, as well as higher probability of DHR stepping up acquisition size in 2014. “We upgrade DHR from a Neutral to a Buy heading into '14 reflective of: 1) A likely step-up in the company's acquisition pace with the integration of Beckman Coulter largely complete; 2) Improving core growth which should provide EPS upside relative to DHR's conservative outlook next year; 3) An attractive EV/EBITDA valuation relative to peers, considering premium returns and EPS upside from M&A,” the report noted. DHR closed Tuesday at $76.15 with shares trading down at 1.97 percent.