Avid Bioservices price target lowered to $25 from $30 at Craig-Hallum

Craig-Hallum analyst Matt Hewitt lowered the firm’s price target on Avid Bioservices to $25 from $30 and keeps a Buy rating on the shares. The analyst notes Avid provided a nice beat on revenues, increased their full year 2023 revenue guidance and commentary on the call was fairly upbeat. Importantly, he believes the company can continue to outperform its peers as it has no COVID exposure, continues to benefit from capacity constraints in the markets it competes in, and has a quality track record that is setting it apart and helping the company win business from new and existing customers.