Catalent price target lowered to $55 from $58 at RBC Capital

RBC Capital analyst Sean Dodge lowered the firm’s price target on Catalent (CTLT) to $55 from $58 but keeps an Outperform rating on the shares. The company’s positive Q1 pre-announcement was driven by higher-than-expected contribution from COVID, but the firm “remains encouraged” by the reaffirmation of FY24 guidance, supported by the incremental visibility into other parts of the business, including significant line of sight on $700M revenue from Sarepta (SRPT) and the GLP-1 contribution starting materially in the second half of FY24, the analyst tells investors in a research note.