Avid Bioservices price target lowered by $2 at Stephens, here’s why

Stephens lowered the firm’s price target on Avid Bioservices to $15 from $17 and keeps an Overweight rating on the shares. Q2 results were “clearly disappointing and fell well short of expectations,” as was the reduced outlook for FY24, which will likely weigh on the stock today, the analyst tells investors. However, the backlog was “again a standout (and record) this quarter” and the key from here is the backlog converting to revenue, the analyst added.