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

BofA analyst Michael Ryskin lowered the firm’s price target on Avantor to $24 from $27 and keeps a Buy rating on the shares following quarterly results. The firm pointed out in a research on Friday that Q2 sales fell 4% short of BofA/Street estimates, with “core organic” ex-COVID decline of -6.5% and adjusted EPS of 28c. FY23 guide was cut to overall organic decline of -9% to -7% with ex-COVID growth of -6.5% to -4.5%.