Avantor initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Avantor (AVTR) with an Outperform rating and $27 price target. Following “the ThermoFisher playbook” of combining a global Life Science Tools distribution business with a leading tools product manufacturer, Avantor is well positioned to emerge from the pandemic as a leading “one-stop shop” for the biopharma industry, the analyst tells investors. Near-Term bioproduction headwinds are already priced in and Avantor has the least exposure among peers to near-term bioproduction inventory drawdowns, the analyst added.