{"id":41289,"date":"2023-10-10T14:13:33","date_gmt":"2023-10-10T14:13:33","guid":{"rendered":"https:\/?p=41289"},"modified":"2023-10-10T14:13:33","modified_gmt":"2023-10-10T14:13:33","slug":"neogen-stock-forecast-downturn-following-q1-revenue-miss","status":"publish","type":"post","link":"https:\/\/www.stocktargetadvisor.com\/blog\/neogen-stock-forecast-downturn-following-q1-revenue-miss\/","title":{"rendered":"Neogen Stock Forecast: Downturn Following Q1 Revenue Miss"},"content":{"rendered":"<p>Shares of Neogen stock (<a href=\"https:\/\/www.stocktargetadvisor.com\/stock\/USA\/NSD\/NEOG\">NEOG:NSD<\/a>) are experiencing a downturn today following the release of its first-quarter financial results, which failed to meet analysts&#8217; expectations. Although the company reported a remarkable 73% year-over-year increase in revenue, reaching $229 million, it fell short of projections by $2.1 million. Additionally, the net income for the quarter plummeted to $1.5 million compared to $5.2 million in the same period last year.<\/p>\n<p>&nbsp;<\/p>\n<h2>Mixed Performance:<\/h2>\n<p>Neogen&#8217;s legacy Food Safety division continues to perform strongly. However, the company faced challenges in its Animal Safety business due to destocking caused by multi-year low channel inventory levels. Furthermore, a slowdown in China contributed to lower growth in the company&#8217;s 3M Food Safety division.<\/p>\n<p>&nbsp;<\/p>\n<h2>Optimism for the Second Half:<\/h2>\n<p>Despite the headwinds in the first quarter, Neogen remains optimistic about the second half of the year. The company anticipates an improved end-market environment, which should support its recovery efforts. For the full fiscal year 2024, Neogen expects revenue to fall within the range of $955 million to $985 million, with adjusted EBITDA ranging from $235 million to $255 million.<\/p>\n<p>&nbsp;<\/p>\n<h2>Neogen Stock Forecast:<\/h2>\n<p>Based on Neogen stock forecast from two analysts, the average target price is USD 23.25 over the next 12 months. These analysts maintain a &#8220;Strong Buy&#8221; rating for the company.<\/p>\n<p>However, Stock Target Advisor&#8217;s analysts are&#8221;Neutral.&#8221; This classification is based on six positive signals and seven negative signals.<\/p>\n<p><!-- STA Widget BEGIN --><\/p>\n<div>\n<div class=\"sta-analyst-rating-widget-display\">\n<p><a style=\"text-decoration: none; color: #4b6db5 !important;\" href=\"https:\/\/www.stocktargetadvisor.com\/stock\/USA\/NSD\/NEOG\" target=\"_blank\" rel=\"noopener\">NEOG Ratings<\/a> by Stock Target Advisor<\/p>\n<\/div>\n<p><script class=\"analyst-rating\" type=\"text\/javascript\" src=\"https:\/\/www.stocktargetadvisor.com\/assets\/js\/analyst_rating_widget.js\" data-symbol=\"NEOG\" data-theme=\"wt_bg_trans\" data-uid=\"157344372365255b5a10dd665255b5a10dd7\" data-width=\"1200\" >\n\t\t<\/script><\/p>\n<\/div>\n<h2>NEOG Current performance:<\/h2>\n<p>At the last closing, Neogen Corporation&#8217;s stock price was USD 16.96, reflecting a decrease of -3.96% over the past week, a decline of -13.07% over the past month, but a notable increase of +33.75% over the past year.<\/p>\n<p>&nbsp;<\/p>\n<h2>Conclusion:<\/h2>\n<p>Neogen&#8217;s Q1 results show revenue growth but disappoint on net income, impacting its stock. The company is optimistic about the second half despite segment challenges. Analysts offer varying views on Neogen&#8217;s future. Its ability to address challenges and leverage market improvements will be key. Investors closely monitor its resurgence in food and animal safety.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Neogen stock (NEOG:NSD) are experiencing a downturn today following the release of its first-quarter financial results, which failed to meet analysts&#8217; expectations. Although&#8230;<\/p>\n","protected":false},"author":12,"featured_media":41292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[3854],"class_list":["post-41289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-diagnostics-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v21.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neogen Stock Forecast: Downturn Following Q1 Revenue Miss<\/title>\n<meta name=\"description\" content=\"NEOG shares fall on Q1 revenue miss of $2.1M, despite 73% YoY increase to $229M. 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