Citi downgraded Avantor to Neutral from Buy with a price target of $23, down from $30. The analyst cites the softer bioprocessing commentary across the market and more cautious management commentary at a recent conference around concerns on elevated customer inventory for the downgrade. The firm sees potential risk to Avantor’s revenue cadence in the second half of 2024. While the company currently trades below its latest peak valuation, it trades around its two-year average, and given the limited upside to numbers in the near term and possibly 2025, this as a “reasonable point to move to the sidelines,” the analyst tells investors in a research note.
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