Avantor price target raised to $30 from $28 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Avantor to $30 from $28 and keeps a Buy rating on the shares after its Q2 earnings beat. Encouraging signs from the company’s bioprocessing business and a wider than expected margin expansion beat drove Avantor upside, the analyst tells investors in a research note. Given the positive bioprocessing trends in the quarter driving the raise in Bioscience Production expectations for the FY24, not only does this position Avantor top-line guide favorably, but the positive mix shift toward proprietary content should enable continued margin outperformance for the company, the firm added.