2025-06-05-Jefferies-布鲁克公司（BRKR）_杰富瑞医疗会议首日_布鲁克公司_8页_108kb

报告摘要

Bruker Corp. (ticker BRKR) is a leading manufacturer of scientific instruments for molecular and materials research, with a BUY equity rating from Jefferies and a $70 price target.
Key financial outlook: FY26 projections show a base case of -20% price change from the high-low range of $72.94 to $34.10, with moderate growth guidance between +0-2% and +6-8% LRP, supported by cost actions.
ASMS launches expanded TAM 3x, with timsOMNI driving innovation in proteomics and timsMetabo targeting 20% market share in a $1B opportunity, expected to add ~25 systems in FY26.
U.S. Advanced Research and Development (A&G) market faces headwinds but may not worsen; OUS markets, particularly Germany, show optimism with funding increases.
Biopharma segment (16% of mix) has modest growth due to initial purchase hesitancy but remains positive; China is expected to have flat-to-modest growth despite recent softness.
Valuation: $70 PT based on DCF, implying ~18x 2025E EV/EBITDA; key risks include margin progress, government/academic funding, competition, and management turnover.
Analyst notes: Management discussed cost initiatives, including labor flexing in EU, and awaited regulatory updates on litigation and tariffs.