West Pharmaceutical price target lowered to $400 from $430 at BofA

BofA analyst Derik de Bruin lowered the firm’s price target on West Pharmaceutical to $400 from $430 and keeps a Buy rating on the shares. West’s Q4 sales were 1% below the Street forecast, but “more importantly” West’s FY24 guidance came in “well-below” the consensus view, the analyst tells investors. It was “an unexpected and dramatic shortfall” that resulted in about a 15% share price drop over the course of the day, noted the analyst, who adds that “destocking has a way of lasting longer than initially expected.” With that said, the firm thinks that while it is unclear if 2024 is de-risked, the long-term upside is “real.”