Guggenheim sees Neogen ‘turning the corner,’ starts with a Buy

As previously reported, Guggenheim initiated coverage of Neogen (NEOG) with a Buy rating and $15 price target Neogen is a “leading” pure-play food safety testing company with 20% market share of the global market, the analyst noted. While the company has struggled with integration issues subsequent to the acquisition of the 3M Food Safety business and “challenges linger,” which continues to affect growth and margins, the firm believes the company is progressing towards turning the corner and views the market, management and long-term financial profile as “attractive.”