Catalent price target raised to $58 from $51 at RBC Capital

RBC Capital analyst Sean Dodge raised the firm’s price target on Catalent to $58 from $51 and keeps an Outperform rating on the shares after its Q4 results and initial FY24 guidance. The stock traded higher as the buy-side was likely expecting “conservative” targets and the company’s management is doing a good job articulating conservatism and visibility into its outlook, the analyst tells investors in a research note. RBC is also positive on the news that Catalent is cooperating with Elliott and has formed a strategic review committee, even though the macro backdrop remains “challenging” for the company.