Biomérieux: Oddo raises its target after business review.
(CercleFinance.com) - Oddo has raised its target price on the bioMérieux stock from 146 euros to 168 euros, while it maintains its "neutral" rating, in the wake of the group's announcement of a 16.
3% rise in Q1 reported revenues (+13.7% l-f-l) to 568 million euros.
The broker underlined that unsurprisingly, growth was largely driven by BioFire (+60% in Q1), which had already registered strong growth over the same period last year (effect of installed base and consumption of this machine base). Oddo also noted that revenues benefited from a positive calendar effect (one extra day than in the first 3 months of 2016), observing the very good resistance in the sales of instruments and industrial applications in China.
And Oddo is delighted with the acceleration of sales in Europe, which is another major reason for this good publication which reveals robust growth and exceeds expectations. "The group has undoubtedly been fairly conservative in its guidance, particularly conerning its exposure to currencies," the analyst continues, according to whom "BioFire enhances bioMérieux's status year after year".
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