Citi cuts PTs on medical equipment makers on weak demand

Mettler-Toledo International

10/07/2023 17:56

** Brokerage Citi downgrades Charles River Labs
International  CRL.N  to "neutral" from "buy" rating, cuts PT on
stock to $225 from $260 
    ** Says biopharma funding crunch, weak instrument demand,
and potential volatility in China, owing to funding troubles and
supply chain challenges, are likely to negatively impact
investor sentiment for tool makers in the second quarter 
    ** Brokerage also trims PT on lab equipment maker Waters
Corp  WAT.N  to $275 from $300
    ** WAT shares fell as much as 1.4% in early trading before
paring losses
    ** Citi also flags reduced inventories adding pressure on
medical equipment makers such as Danaher Corp  DHR.N , Thermo
Fisher Scientific Inc  TMO.N , Avantor Inc  AVTR.N , and
Mettler-Toledo International Inc  MTD.N 
 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))