Piper Sandler analyst David Westenberg upgraded Neogen (NASDAQ: NEOG) from Neutral to Overweight with a price target of $14.00 (from $13.00).

The analyst comments: “We are upgrading Neogen from Neutral to Overweight and raising our PT to $14. The company has now delivered several consecutive quarters of improving performance, with Food Safety growth, in particular, recently accelerating. This progression led by a new management team is combined with improving adjusted EBITDA margins, positive free cash flow, restored product availability, and a more disciplined commercial strategy. In addition, we believe the progressing manufacturing facility transition removes a major overhang. Overall, this suggests to us that Neogen has moved beyond the stabilization phase of its turnaround and is entering a period of more sustainable profitable growth. We upgrade to OW.”

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Shares of Neogen closed at $11.64 yesterday.