Revvity price target lowered to $104 from $145 at Baird

Baird analyst Catherine Ramsey Schulte lowered the firm’s price target on Revvity to $104 from $145 and keeps an Outperform rating on the shares. The firm said they reported 3Q revenue below expectations and lowered 2023 guidance on incremental pharma/biotech pressures. While not providing 2024 guidance, management noted that these pressures are expected to continue into at least 1H24, with the possibility that 2024 core organic growth looks similar to 2023.