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Barclay's Initiates Coverage of Bruker With Overweight Rating

NEW YORK – Barclay's said Tuesday that it has initiated coverage of Bruker with an Overweight (OW) rating.

In a note to investors, analyst Luke Sergott said the bank believes new launches from the company's legacy portfolio combined with acquisitions of new technologies should keep Bruker's growth either stable or accelerating and above its peers in the space.

Last week, Bruker announced the formation of a new business division, Bruker Spatial Biology, which brings together several of its acquisitions in the spatial realm including NanoString Technologies and Canopy Biosciences.

Looking at the broader life science tools environment, Sergott said the bioprocessing space "continues to recover at a slow and steady rate" and that the bank expects instrumentation demand to pick up in the second half of the year. He cited China's recent stimulus announcement as a "big driver" of the shift toward a more positive outlook in the space but said the bank remained "more cautious” on this as a meaningful growth driver.

In Tuesday morning trading on the Nasdaq, Bruker shares were down less than 1 percent to $63.37.