Catalent price target raised to $45 from $37 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Catalent to $45 from $37 and keeps a Hold rating on the shares. The analyst reducing 2024 EBITDA estimates by $200M largely due to Catalent’s ongoing remediation issues and delayed ramps of key growth programs in the biologics segments. The firm is also taking a more conservative approach to COVID-19 and lower the projected EBITDA contribution by $50M. It views the stock’s valuation “as full absent a strategic action or acquisition premium.”