West Pharmaceutical price target lowered to $390 from $420 at Stephens

Stephens lowered the firm’s price target on West Pharmaceutical to $390 from $420 and keeps an Overweight rating on the shares. The company’s Q3 results were mixed and the lack of restocking revenue in Q4 led the company to moderate its FY23 guidance, the analyst tells investors. Taking a step back, the firm believes West Pharmaceutical’s outlook for 7%-9% growth in FY24 is strong, still these estimates will be debated in the coming months, Stephens adds.