Feb. 28 at 4:26 PM
TD Cowen says, "Survey and diligence support our Buy ratings on
$DHR,
$TMO,
$AVTR and
$RGEN "
$SOAGY $MKKGY
"MAB Bioproduction: Surveying the Landscape
The bioproduction market is important for our coverage, a segment with attractive features (sticky long-term contracts, good margins and growth) but one with mixed sentiment following choppy trends post COVID.
We remain bullish and created a comprehensive analysis to provide insight on key areas: 1) budget trends, 2) the process (steps/products), 3) important
themes, 4) product/vendor positioning.
Survey and diligence support our Buy ratings on
$DHR,
$TMO,
$AVTR and
$RGEN (Smith).
The '24-27 survey-projected mAb related revenue CAGRs seem fairly consistent with our
$DHR and
$AVTR modeling (
$TMO we don't break out BP given
limited disclosure ), good news.
Bulls may be looking for a bigger snapback (in '25) now that destock is over, which the survey doesn't
seem to reflect.
TD Cowen went on to say:
