Abcam price target lowered to $17 from $19 at Deutsche Bank

Deutsche Bank analyst Justin Bowers lowered the firm’s price target on Abcam to $17 from $19 and keeps a Hold rating on the shares. The stock closed down compared to the Nasdaq 100 Index, which likely reflects the slope of the 2023 revenue and margin ramp as well as questions related to asset impairments and a recoupment from escrow for the BioVision acquisition. While Abcam reiterated its 2024 targets, its operating margin estimate of at least 30% demands 900 bps of margin improvement over the next two years. Deutsche Bank lowered its price target on the stock based on its revised 2024 estimates.