Catalent downgraded on operational issues at William Blair

As reported earlier, William Blair analyst Max Smock downgraded Catalent to Market Perform from Outperform without a price target. The company this morning said productivity issues and higher than expected costs at three of its facilities during the quarter will materially impact both the quarter and outlook for fiscal 2023, the analyst tells investors in a research note. The firm downgraded the shares pending greater clarity about the underlying issues at each of the three sites and outlook for the second half of the year. It wants to see Catalent address its operational issues before recommending the shares.