Stevanato Group price target lowered to $36 from $39 at BofA

BofA lowered the firm’s price target on Stevanato Group to $36 from $39 and keeps a Buy rating on the shares after the company reported in-line Q4 sales and gave FY24 guidance that was below the Street on slower vial restocking, foreign exchange impacts and Engineering project timing. Following the report, the firm “modestly” lowered it FY24-26 estimates, but remains confident that Stevanato can deliver on its low-double-digit organic sales growth and margin expansion targets.