$Danaher Corp(DHR-W)$ (NYSE:DHR) on Tuesday reported first-quarter 2025 sales of $5.74 billion, down 1% year-over-year, beating the consensus of $5.59 billion.
Non-GAAP core revenue was flat compared to the expectations of a decline by a low-single-digit percentage year-over-year in the first quarter.
Danaher reported second-quarter adjusted EPS of $1.88, down from $1.92 a year ago, beating the consensus of $1.64.
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Stifel on Tuesday wrote, “DHR’s start to the year was solid, as the company posted a beat and gave positive commentary around arguably the two most trending topics: bioprocess – where the upside case has started to materialize, and tariff impacts – which appear manageable in that they can be largely offset.”
Analyst Daniel Arias says customer demand looks strong for CDMOs and big pharma. China and smaller biotech firms are still behind, even though there’s some talk of stabilization. Overall, Stifel still sees a solid case for bioprocessing growth in 2025, possibly reaching double-digit levels.
The analyst maintains the Buy rating with a price target of $260.
DHR’s stock valuation “has been a challenge for us,” the analyst wrote. Shares have sported a meaningful premium despite key businesses not having rebounded from “the 2023/2024 slowdown in biopharma.”
Stifel says management's guidance for 2025 disappointed many investors, which has brought valuation to a more approachable level.
“We believe estimates can move higher both in 2025 and 2026,” Arias said.
The analysts see an opportunity to own DHR ahead of sentiment and end market improvement, which can yield upside for the stock.
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