Credit Suisse is shifting its perspective on shares of Danaher as the company's bioprocess business comes under pressure.
Analyst Dan Leonard downgraded the medical stock to neutral from outperform, citing exposure to bioprocessing inventory reductions that could threaten Danaher's growth.
"Danaher has reduced its near-term growth expectations for its Bioprocess business (~25% of 2022e sales, ex COVID testing) as COVID vaccine demand has fallen and customers reduce inventory," he wrote in a note to clients Thursday.
He trimmed his price target to $300 from $315 a share, with sales and earnings per shares expectations through 2025 coming in below Wall Street's expectations.
The fresh target implies a near 13% jump for the stock after it shed more than 19% in 2022.