Alvotech price target raised to $12 from $8 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Alvotech to $12 from $8 and keeps a Hold rating on the shares post the Q4 results. The analyst continues to see Alvotech as attractively positioned to supply the first credible biosimilar to Humira from July 1. However, that remains predicated on the critical events of FDA facility inspection and consequent approval, while the company’s capital structure is also not risk-free given a "healthy degree" of leverage and business that will likely continue losing money in fiscal 2023, the analyst tells investors in a research note.