Repligen price target lowered to $200 from $210 at Stifel

Stifel analyst Daniel Arias lowered the firm’s price target on Repligen to $200 from $210 and keeps a Buy rating on the shares after having hosted a dinner with CEO Tony Hunt, who “provided a sobering view of the state of affairs in the bioprocess market.” Projects aren’t being cancelled, but translating planned work into orders and revenue is taking time and the “prospects for meaningful improvement by year-end are dim,” the analyst tells investors.The view on 2024 and 2025 growth is “far more positive,” but investors will need to be patient when it comes to tangible signs that the industry has worked its way through the current bout of inventory destocking and restrained spending for the time being, says the firm, which has trimmed its estimates for this year and flowed the changes through to next year.