Stephens initiated coverage of Stevanato Group with an Overweight rating and $33 price target. As an “industry leader” in the glass containment solutions market, Stevanato is benefiting from tailwinds that include growing biologics and injectables driving demand for its solutions, including GLP-1 drugs, the analyst tells investors. Stevanato has been investing in capacity to support this growth, which has weighed on free cash flow in recent years, though the firm sees improving in FY24 before inflecting positively in FY25, the analyst added.
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