Evotec downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Evotec to Sector Perform from Outperform with a price target of EUR 18.60, down from EUR 28. The firm remains “strong believers” in the ability for Evotec’s platform to drive value through near-term revenue growth and long-term partnerships, but sees significant uncertainty around near-term numbers based on life science sector headwinds, competition, recovery from the cyberattack, and investments in Just Evotec Biologics. The analyst downgrades the shares after taking over coverage following the outperformance over the last six months.