Viatris downgraded to Equal Weight on near-term uncertainty at Barclays

Barclays analyst Balaji Prasad downgraded Viatris to Equal Weight from Overweight with a price target of $11, down from $16. The analyst sees limited visibility around the company’s business composition as its segments get revamped. There is continuing near-term uncertainty relating to divestments and capital to be raised which will likely "drive the stock sideways for a while," the analyst tells investors in a research note. After completion of Viatris’ strategic maneuvers, the firm expects the stock to be a "show me" story and believes it could be over a year before the shares can reach an inflection. As such, Barclays sees better opportunities elsewhere in its coverage as Viatris navigates its strategic pivot.