Revvity price target lowered to $110 from $170 at KeyBanc

KeyBanc lowered the firm’s price target on Revvity to $110 from $170 and keeps an Overweight rating on the shares. The firm says it was “disappointing” that Revvity, after building its consumables base with COVID cash proceeds in 2020-2022, posted light results and FY23 guidance of LSD organic growth. The company indicated that instruments, about 40% of Life Sciences division sales, was 300 bps of the 400 bps shortfall, and it appears that strong biopharma demand for capex during COVID is dissipating.