Maravai Lifesciences just upgraded at BofA, here’s why

BofA upgraded Maravai Lifesciences to Buy from Neutral with a price target of $8, down from $10. The analyst says the stock’s risk/reward has turned positive heading into 2024. While near-term headwinds are likely to persist into 2024, Maravai’s fundamentals will start to improve, cost actions will stabilize EBITDA, and the valuation is “compelling given the quality of the asset.”