Avantor price target lowered to $26 from $29 at Raymond James

Raymond James lowered the firm’s price target on Avantor (AVTR) to $26 from $29 and keeps an Outperform rating on the shares. The firm is taking a modestly conservative tack on the recovery ramp for Life Sciences Tools & Services through 2025 as well as layering in a substantially more significant foreign exchange headwind given movement in the dollar since Q3 results, the analyst tells investors in a research note. Avantor can work by virtue of lower expectations and lower a multiple than the rest allowing for recovery, the firm adds.