巴克莱-美股-美国生命科学工具与诊断-2q17预览，另一个良好的开始u.s. life science tools & diagnostics 2q17 preview another good setup

《巴克莱-美股-美国生命科学工具与诊断-2q17预览，另一个良好的开始u.s. life science tools & diagnostics 2q17 preview another good setup》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、EquityResearch17July2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATE2Q17Preview:AnotherGoodSetupU.S.LifeScienceTools&DiagnosticsWebelieveourLifeScienceTools&DiagnosticscoveragehasagoodsetupagainNEUTRALheadinginto2Q17earnings.Broadly,thefundamentaldriversforth

2、egroupareonaUnchangedsolidfooting.Incrementalimprovementintheindustrialendmarketandcontinuedlabconsolidationrepresentopportunities,whilePound/EurostrengtheningisamodestForafulllistofourratings,pricetargetandtailwind.Valuationisthebiggestpushbackforthegroup,trad

3、ingatall-timehighsearningschangesinthisreport,pleaseseeonanabsoluteandrelativebasis.Inthenear-term,webelievegoodearningscantableonpage2.continuetosupportvaluation.Thatsaid,weremaincautiousofpotentialunresolvedindustryrisksrelatedtobiopharmasponsorconsolidationa

4、ndchangestoDxU.S.LifeScienceTools&DiagnosticsreimbursementfromPAMA,andreiterateourNeutralindustryview.JackMeehan,CFA+12125263909LifeScienceTools:WebelievetheIndustrialendmarketwillshowincrementaljack.meehan@barclays.comimprovement,drivenbyimprovedmacrodatapoin

5、tscoupledwithpositiveorderBCI,UStrendssince4Q16.Additionally,weexpectbiopharmatoremainanareaofstrength,drivenbymanufacturingdemandforliquidchromatography(LC)andDouglasD.Tsaobioproduction.WefavorAgilent(A)andThermoFisher(TMO).+12125264160douglas.tsao@barclays.co

6、mDiagnostics:Resultsaremuchmorecompany-specific.Hologic’sresultshingeonBCI,USsolidCynoSureperformance,followingsalesforceturnoverduringthedealclose.WebelieveCYNOisanattractivegrowthopportunity,buthavelowvisibilityintotheMitchellPetersenquarteritself.ForQIAGEN,

7、webelieveafifthconsecutivequarterofbettergrowth+12125263367helpstohighlightadifferentiatedgrowthprofilerelativetopeers.mitchell.petersen@barclays.comBCI,USLabs:Theoperatingenvironmentappearssound,withimprovingvolumegrowthandstablepricing.Webelievelabconsolidat

8、ionwillremainoneofthetopthemesAndrewWaldforourcoverageoverthenextseveralyears,andhighlightthatLabCorpandQuest+12125269436eachclosedanumberoftuck-indealsduringthequarterwhich