Evotec downgraded to Neutral from Buy at BofA

BofA downgraded Evotec to Neutral from Buy with a $13 price target. The analyst says the “still uncertain” impact of the recent cyber attack and negative investor sentiment regarding biotech activity will limit share upside in the near- to medium-term. Evotec has a relatively high exposure to the emerging biotech customer segment, which has a been a source of weakness given the difficult funding backdrop, the analyst tells investors in a research note.