Analyst Yuan Zhi of B.Riley Financial reiterated a Buy rating on Azenta (AZTA – Research Report), with a price target of $61.00.
Yuan Zhi’s Buy rating for Azenta, Inc. (AZTA) is grounded on a combination of factors that indicate strong future performance. Firstly, AZTA’s financial performance exceeded expectations, with both top line and adjusted EBITDA numbers surpassing estimates. Moreover, the company demonstrated strong Q/Q growth in F4Q, whilst maintaining an upward trajectory for FY24, supported by a positive cash flow. This robust performance is further buoyed by management’s optimistic FY24 revenue guidance, indicating an organic growth of 5%-8%.
Secondly, Zhi highlights the diversified growth across AZTA’s business segments, such as Multiomics, Sample Management Solutions, and B Med. This growth, combined with the anticipated recovery of C&I in 2H24, strengthens the company’s positive outlook. The signing of an MOU between B Med and DRC’s Ministry of Public Health for a substantial National Vaccination service project further solidifies AZTA’s top-line growth prospects. Finally, Zhi notes AZTA’s continued commitment to share buybacks in 2024, which should support the stock, and the strategic transformation at AZTA, including the expansion of its life sciences business, demonstrating alignment with shareholder interests.
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Azenta (AZTA) Company Description:
Brooks Automation, Inc. engages in the provision of automation and cryogenic solutions for multiple markets, including semiconductor capital equipment and life science biological sample management and storage. It operates through the Brooks Semiconductor Solutions Group and Brooks Life Sciences segments. The Brooks Semiconductor Solutions Group segment include atmospheric and vacuum robots, robotic modules and tool automation systems that provide precision handling and clean wafer environments, as well as cryogenic pumps and compressors that provide vacuum pumping and thermal management solutions used to create and control critical process vacuum applications. The Brooks Life Sciences segment provides automated cold sample management systems for compound and biological sample storage, equipment for sample preparation and handling, consumables, and parts and support services to a range of life science customers including pharmaceutical companies, biotechnology companies, bio-banks and research institutes. The company was founded in 1978 and is headquartered in Chelmsford, MA.
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