Inotiv price target lowered to $4 from $7 at Lake Street

Lake Street analyst Frank Takkinen lowered the firm’s price target on Inotiv to $4 from $7 and keeps a Hold rating on the shares after the company announced it will delay the filing of its form 10-K while evaluating the accounting impact of the supplier issues on FY22 results and provided select preliminary FY22 results. In "the interest of conservatism," he has reduced his FY23 revenue estimate by $175M to $475M and his new FY23 AEBITDA estimate is $70.9M, noted Takkinen, who adds that he thinks Inotiv "can survive this black swan event" and shares can quickly rebound if Inotiv can quickly resolve the non-human primates supply challenge.