Deutsche Bank analyst Justin Bowers upgraded Catalent to Buy from Hold with a price target of $88, up from $79. The analyst says the company’s valuation creation path is "increasingly clear." The firm has increasing conviction in its 2023 and 2024 estimates and also sees "diminishing tail risk" due to Catalent’s strengthening strategic partnerships and increased management accountability and ownership. Despite the 44% rally year-to-date, Deutsche still sees a 2.5-to-1 positive risk/reward skew for the stock under an FDA approval for SRP-9001, and at least a 4-to-1 skew based on an acquisition by a suitor.
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