Organon price target lowered to $15 from $17 at BofA

BofA analyst Jason Gerberry lowered the firm’s price target on Organon (OGN) to $15 from $17 and keeps an Underperform rating on the shares. The company’s discussion of 2025 pushes/pulls, plus some “added conservatism” on the part of the analyst, leads the firm to assume reported revenues will be flat in 2025, versus sell-side consensus calling for 3% growth, while BofA assumes adjusted EBITDA “should be stable.” The firm reiterates an Underperform rating on limited growth, a lack of re-rating catalysts and risks to guided VTAMA launch targets.