Avantor price target lowered to $24 from $27 at Baird

Baird analyst Catherine Schulte lowered the firm’s price target on Avantor to $24 from $27 and keeps an Outperform rating on the shares. The analyst said they reported 1Q results in line with expectations, but lowered its 2023 outlook. Despite some progress in customer inventory levels in 1Q, Avantor didn’t see continued improvement in April, leading management to pull expectations for normalization in 2H23.