Jefferies analyst David Windley downgraded Inotiv to Hold from Buy with a price target of $8, down from $10. While guidance for 2023 was better than feared, it relies on high price increases in both NHP and small animal operations, Windley tells investors in a research note. The analyst is assuming a net $24M reduction in NHP-related revenue year-over-year, yielding total revenue roughly $10M below revenue guidance.
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