Goldman Sachs downgraded Avantor (AVTR) to Neutral from Buy with a price target of $14, down from $23. The firm says it wrongly assumed that Avantor’s “aggressive” cost savings program and a bioprocessing business in recovery mode would be enough to continue to drive increased margin expansion and growth. Goldman is now concerned the company’s Laboratory Solutions business will continue to be a drag on overall growth as competitive pressures intensify and macro headwinds persist.
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