Barclays analyst Luke Sergott downgraded Catalent to Equal Weight from Overweight with a $70 price target. The analyst continues to favor the business long term, but moves to the sidelines given the "limited visibility" through 2024. Catalent’s implied Q4 guidance "seems aggressive" and while takeout potential likely provides support to the shares, there is little visibility on timing, and a bid coming after a potential Q4 miss could lead to limited upside in any acquisition price, the analyst tells investors in a research note.
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