Avantor price target lowered to $26 from $27 at Baird

Baird lowered the firm’s price target on Avantor to $26 from $27 and keeps an Outperform rating on the shares. The firm said they reported 1Q revenue in line with its guidance midpoint, while cost actions drove margin/EPS upside and noted they reiterated 2024 guidance, which we believe has baked in fairly conservative assumptions.