Baird upgraded Catalent to Outperform from Neutral with a price target of $53, up from $45. The company’s COVID production is above expectations, while the GLP-1 opportunity quantification “suggests substantial growth opportunity,” the analyst tells investors in a research note. The firm adds that Catalent’s new gummies contract should alleviate recent consumer headwinds. Virtually every concern previously holding the firm back is being addressed, while results and optics should improve dramatically by the first half of 2024 and the stock’s valuation is attractive, contends the analyst.
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