Revvity Beats Earnings Expectations: What’s Next for Investors?
Revvity, Inc. RVTY announced strong third-quarter results on Monday, surpassing analyst expectations.
Strong Quarter Highlights
The company’s quarterly earnings reached $1.28 per share, outperforming the forecasted $1.13 per share. In addition, Revvity reported sales of $684.05 million, exceeding the predicted $679.65 million.
In an encouraging move, Revvity authorized a new share repurchase program worth $1 billion.
Leadership Optimism
Prahlad Singh, president and CEO of Revvity, expressed confidence in the company’s performance: “We performed well during the third quarter, with a return to positive revenue growth, strong margins, and another period of excellent cash flow. The impact we are having on our customers every day to help advance science and healthcare is profound. We are optimistic about making a meaningful difference around the world as we continue to innovate and partner with purpose.”
Stock Reaction
Following the earnings report, Revvity’s stock rose by 0.4%, bringing it to $125.37 on Tuesday.
Analysts Adjust Price Targets
Several analysts revised their price targets for Revvity after the earnings announcement:
- Raymond James analyst Andrew Cooper maintained an Outperform rating and increased the price target from $144 to $146.
- Baird analyst Catherine Ramsey kept the stock at Outperform and raised the price target from $136 to $138.
- TD Cowen analyst Dan Brennan affirmed a Buy rating, lifting the target from $141 to $144.
- Bernstein analyst Eve Burstein maintained an Outperform rating but lowered the price target from $150 to $145.
Should You Consider Investing in RVTY Stock?
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