Repligen price target raised to $220 from $210 at KeyBanc

KeyBanc raised the firm’s price target on Repligen to $220 from $210 due to higher growth visibility from easier comps in 2024 as bioprocessing headwinds subside, keeping an Overweight rating on the shares. While Repligen has already indicated that book-to-bill was increasing with the September quarter of 2023, the company has set a cautious tone about when destocking will end, the firm notes. Based on SATG already reporting a Q4 that displayed book-to-bill at above 1.0, it seems like Repligen could quickly see easy comparisons as well. KeyBanc adds. While estimating organic revenue declines in the first half of the year, the firm sees mid-teens organic growth in the second half as conservative and could occur earlier in the year.