AptarGroup price target lowered to $172 from $182 at Raymond James

Raymond James analyst Matt Roberts lowered the firm’s price target on AptarGroup (ATR) to $172 from $182 and keeps an Outperform rating on the shares. Aptar’s defensible moats and fortress balance sheet, coupled with a specialty and growing position in Pharma end markets, make it a high-quality compounder story long-term, the analyst tells investors in a research note. The firm expects Pharma core sales to decelerate in Q3 and continues to expect Pharma core sales in 2025 to be below the 7%-11% long term target, but says that an improving mix and continued benefit from royalty revenue continues to drive strong margin performance, and the prior build-out of Injectables capacity is showing strong returns in higher margin Injectables components.