巴克莱-美股-生命科学与诊断行业-三季度预览：稳固的市场前景-2017.10.17-barclays-u.s. life science tools & diagnostics 3q17 preview solid end market view

《巴克莱-美股-生命科学与诊断行业-三季度预览：稳固的市场前景-2017.10.17-barclays-u.s. life science tools & diagnostics 3q17 preview solid end market view》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、EquityResearch17October2017U.S.LifeScienceTools&DiagnosticsINDUSTRYUPDATE3Q17Preview:SolidEndMarketViewU.S.LifeScienceTools&DiagnosticsThefundamentaldriversfortheLifeScienceTools&DiagnosticsgroupareonaNEUTRALsolidfootinginto3Q17.WebelievesustainedimprovementintheindustrialendU

2、nchangedmarketandstrengthinbiopharmawillremainthedriversofgrowth,whileMedicarereimbursementremainsinfocusapproaching2018.ValuationisthebiggestpushbackForafulllistofourratings,pricetargetandforthegroup,tradingatall-timehighsonanabsoluteandrelativebasis.TheToolsearningschangesin

3、thisreport,pleaseseesub-segmentnowtradesat18.5xNTMEBITDA,versusa5-Yearavgof14.3x.Thetableonpage2.grouphasnotablydivergedpositivelyrelativetotheS&P500overthepast2quarters.Inthenear-term,webelievegoodearningscancontinuetosupportvaluation.ThatU.S.LifeScienceTools&Diagnosticssaid,

4、weremaincautiousofunresolvedindustryrisksrelatedtoDxreimbursementJackMeehan,CFAfromPAMA,andreiterateourNeutralindustryview.+12125263909jack.meehan@barclays.comLifeScienceTools:WebelievetheindustrialendmarketwillsustainpositiveBCI,USmomentum,drivenbystrongmacrodatapointsandpos

5、itiveordertrendssince4Q16.Aftera(relatively)softer2Q,weexpectbiopharmatoresumeasanareaofDouglasD.Tsaostrength.Finally,Eastertimingwasaheadwindin2QinEuropeandprovideseasier+12125264160sequentialcomps.WefavorAgilent(A)andThermoFisher(TMO)atOverweightdouglas.tsao@barclays.comwith

6、exposuretothesethemes.BCI,USDiagnostics:PAMAlateralsaretopofmind.Wefavorhigher-throughputsystemsMitchellPetersenandtruepointofcareplatformsapproaching2018,whicharemoreimmunetolab+12125263367consolidation.Resultsarecompanyspecific-ifHologic(HOLX,OW)canshowmitchell.petersen@bar

7、clays.comstabilizationatCynoSureandguidetopromisedMSDorganicgrowth,weseeBCI,USsignificantroomforsharestore-ratehigheroverthenext6months.QIAGEN(QGEN,OW)remainsanexecutionstoryasgrowthdriversappearintact.OurfocusAndrewWaldwithQuidel(QDEL,OW)isontheTriage/BNPintegration,wherewe’r

8、ebullishon+12125269436upsideopportunitiesfromcross-sellingand