Stevanato Group downgraded to Hold from Buy at Jefferies

Jefferies downgraded Stevanato Group to Hold from Buy with a price target of $29, down from $39. The analyst says Stevanato’s positive reaction to the Q3 results was a “misread.” A lack of backlog growth reflects “underwhelming” order patterns, in light of the growth opportunities, and near-to-intermediate term estimates too high, the analyst tells investors in a research note. The firm says the stock’s valuation has narrowed the gap to key comps, leaving limited valuation expansion in the absence of estimate upside.