The analyst expects these defensive characteristics to drive better than sector average growth in 2024. 

Hence, Goldman Sachs upgrades Qiagen from Neutral to Buy to reflect the defensiveness of their end markets and favorable valuation vs. peers.

QGEN is trading at a >5x discount to the rest of the Tools sector despite their revenue stream being more defensive in an uncertain environment, providing more visibility around 2025/2026 estimates.

QGEN's end market exposure positions them well in the current environment compared to the other Mature Tools names, given their defensive nature and the uncertainty in both timing and magnitude of Pharma demand normalization. 

Their Life Sciences product portfolio is not a large portion of customer budgets, protecting them from downturns in the Pharma R&D and Capex spending.

Price Action: QGEN shares are up 0.95% at $41.84 on the last check Thursday.