Avantor price target raised to $27 from $26 at Baird

Baird raised the firm’s price target on Avantor to $27 from $26 and keeps an Outperform rating on the shares. The firm said they reported 2Q revenue in line with Street, while adjusted EBITDA margins came in ahead of guidance/expectations. The company noted encouraging bioprocessing trends, including sales up ~high-single-digits quarter-over-quarter and orders up year-over-year, and expects the business to exit 2024 growing roughly mid- to high-single-digits.