Piper Sandler upgrades Neogen, shares gain
NEOG•Piper Sandler turns positive on Neogen
Food safety solutions firm Neogen's NEOG.O shares rise 3.5% to $12.05 in premarket trading.
Piper Sandler raises its rating to "overweight" from "neutral" and hikes its price target to $14 from $13, implying 20.3% upside to the stock's last close.
The company "has moved beyond the stabilization phase of its turnaround and is entering a period of more sustainable profitable growth," says the brokerage.
The new management team is becoming an important earnings driver, Piper Sandler says.
Up to the last close, shares were up 66.5% year to date.
