West Pharmaceutical price target raised to $470 from $440 at KeyBanc

KeyBanc analyst Paul Knight raised the firm’s price target on West Pharmaceutical to $470 from $440 and keeps an Overweight rating on the shares. Relative to the company’s long-term view of 7%-9% organic growth and 100+ bps of operating margin improvement, estimates seem conservative with the record number of FDA approvals last year and the rising growth of GLP-1s. Holding 90%-plus share of the polymer market for vials, syringes, pens, and autoinjectors, KeyBanc estimates 6.8% growth in FY24, and 7.1% growth excluding currency and 9.6% growth excluding FY23 COVID revenue.