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A post-earnings decline in shares of Danaher Corporation (NYSE:DHR) today is an opportunity to build a position in a quality name at a discount, as per famed investor Jim Cramer.
Why is Danaher stock down on Tuesday?
Danaher came in ahead of Street estimates in its latest reported quarter on Tuesday – but its stock slipped, nonetheless, on concerns that its Bioprocessing business will likely take longer to recover.
That segment was in line with expectations in the recently concluded quarter but the conglomerate expects it to be down 10% for the full year.
Danaher also trimmed forecast for its Life Sciences operations as well this morning.
But none of it was enough to caution the Mad Money host who loaded up on another 30 shares of the Washington-headquartered firm today.
Watch here: https://www.youtube.com/embed/cn4bxk6AvjE?feature=oembedBioprocessing could return to growth next year
Jim Cramer found it a positive that Danaher Corporation did not lower its outlook for Bioprocessing again on Tuesday.
Note that the management does expect a further decline in bioprocessing orders in the current quarter but said in a press release today that it’s (bioprocessing business) near its bottom and will likely climb back into the green next year.
According to Jim Cramer, his Charitable Trust now owns 550 shares of Danaher Corporation in total also because there’s a possibility that its executives are just being a bit too conservative. The famed investor is also bullish on the company’s $5.7 billion acquisition of Abcam.
His view is in line with the Wall Street at large that currently has a consensus “overweight” rating on “DHR”. You can read the full earnings report of the company published this morning here.
The post Jim Cramer buys Danaher stock on the post-earnings decline appeared first on Invezz
