Neogen $NEOG stock poked its head above the 200 day moving average on January 27, 2023. The stock has yet to confirm the bullish break above the 200 day moving average. The stock is in a technical uptrend.
Neogen Turnaround Pattern
Neogen stock has formed a classic turnaround pattern that’s best seen on Finviz’s awesome charting platform.
Neogen price target raised at Piper Sandler
Following the release of the company’s earnings report on January 20, 2023, Piper Sandler analyst David Westenberg increased his price target on Neogen from $17 to $20 while maintaining a Neutral rating for the stock. Following up with management and listening to the company’s webcast, Westenberg informs investors that he believes this will be the final resetting of estimates for FY23 and FY24.
Neogen Reports Q2 2023
On January 5, 2023, the company reported Q2 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $230M versus $130.5M last year. However, Neogen reported Q2 adjusted EPS of 15c versus 19c last year.
“We are pleased to report our first quarter of results including the former Food Safety Division of 3M,” said CEO John Adent. “This was a transformational merger with a high-quality business, firmly placing Neogen in a leadership position in the attractive, consumables-driven food safety market and fundamentally enhancing our financial profile. We’ve brought a reenergized focus to the Food Safety Division, which performed well in the quarter, and integration activities are fully underway, with the commercial organizations already combined and actively targeting prioritized synergy opportunities. We delivered solid growth and margin expansion, and I am proud of the hard work of our more than 2,500 team members around the world who delivered this performance. I’m pleased with the integration progress made to date and confident our growing team has the requisite skills, expertise, and commitment to successfully combine the businesses into One Neogen. We are excited about the favorable long-term trends in food safety and the opportunities they provide, and believe our company is well positioned to capitalize on them.”