Avantor price target lowered to $21 from $25 at Barclays

Barclays lowered the firm’s price target on Avantor to $21 from $25 and keeps an Overweight rating on the shares. Avantor has an attractive setup given the lack of China exposure and they should benefit from restocking/BioPro recovery sooner than peers, the firm says in a research note on Friday. The shape of the curve and magnitude of recovery are the big questions that no one has a good answer to at this point, but Barclays continues to believe that it will happen vs. some thinking that a 2025 recovery should be expected instead of 2024.