Avantor price target lowered to $22 from $24 at BofA

BofA lowered the firm’s price target on Avantor to $22 from $24 on Friday and kept a Buy rating on the shares following quarterly results. The firm notes Avantor struck a cautiously optimistic tone on the call, repeatedly emphasizing encouraging trends and stability in key markets. Although Avantor’s guidance continues to assume no year-end budget flush in Q4 given soft biopharma spending, management signaled the expectation for FY24 to be a stronger year for biopharma spend based on customer conversations and sentiment.