On Monday, Harvard Bioscience Inc. (NASDAQ:HBIO) received an updated share price target from Singular Research, with the firm raising its expectations to $6.75, up from the previous target of $6.50. The company maintained its Buy rating on the stock.
The adjustment comes amid expectations of new product and consumable opportunities that are projected to drive growth into 2025. Despite anticipating a dip in results due to China's market weakness in the first quarter of 2024, Singular Research forecasts a strong growth trajectory for Harvard Bioscience starting from the second half of 2024 and continuing through 2025.
Singular Research highlighted the introduction of new products and the consistent performance of consumables as the main catalysts for growth. The firm's stance on the stock remains positive, as reflected in the reiterated Buy rating.
The analyst from Singular Research stated, "We continue to view new products and consumables as compelling opportunities into 2025. China weakness should drag on results in Q1:24, but we expect a solid growth trajectory for the overall firm from H2:24 and the balance of 2025."
This sentiment underscores the belief that while short-term challenges may impact performance, the long-term outlook remains strong.
Harvard Bioscience, known for its scientific instruments and laboratory products, is expected to leverage its new product line-up to enhance its market position. The company's focus on consumables, which tend to generate recurring revenue, is also seen as a strategic advantage in driving sustainable growth.
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