Mirion bounces after boosted capital raise, JP Morgan bullish initiation

Mirion Technologies

26/09/2025 12:58

Updates with analyst commentary, recasts

** Shares of radiation detection firm Mirion Technologies MIR.N up 4.9% premarket to $22.47 after above-target M&A-related raise, and JP Morgan starts coverage with 'overweight' rating

** Mirion early Fri announced pricing ~17.3 mln shares at $21.35 for about $369.6 mln gross raise, and said it priced private offering of $325 mln 0% convertible bonds due 2031

** MIR shares on Thurs finished down 2.5% at $21.43 after co unveiled concurrent offerings of $600 mln to fund acquisition of Paragon Energy Solutions, a solutions provider for the nuclear power industry

** Initial conversion price for bonds offering set 35% above stock's last close at $28.82

** Goldman Sachs, Evercore, Citigroup, Morgan Stanley, Baird and Truist acting as joint bookrunners for the equity offering

** On the research front, JP Morgan set its PT at $28, implying ~31% upside to stock's last close

** JPM points to Mirion's ~73% recurring revenue, "superior margin profile" with demand spanning nuclear power, medical cancer care and dosimetry, and research labs

** All 7 analysts covering MIR shares are bullish with median PT of $23, per LSEG

** Through Thurs close, MIR shares up ~23% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))