Catalent price target raised to $33 from $28 at BofA

BofA raised the firm’s price target on Catalent to $33 from $28 and keeps an Underperform rating on the shares after the company formally reported fiscal Q3 results that were ahead of the firm’s lowered forecasts following “several delays.” The upside was largely driven by stronger than expected tailwinds from the cell & gene therapy segment, though Catalent “again” lowered its FY23 sales and EBITDA view due to incremental PCH segment headwinds, the analyst tells investors. The firm also lowered its FY23-25 estimates “again,” but increased its target as it moves its valuation basis to 2024 from 2023.