As previously reported, Baird analyst Evan Stover downgraded Catalent to Neutral from Outperform with a price target of $53, down from $82, after the company announced productivity issues with its gene manufacturing sites. Baird is reducing its FY24 EBITDA estimate by 15%, but the company’s operational challenges have lessened the firm’s confidence in FY24 and it is unable to bridge from the FY24 view to the company’s long-range targets, which is why it calls the stock "difficult to defend here." Baird see "a trading vacuum" until at least FY24 guidance is issued in late August or early September, the analyst added.
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