Avantor price target lowered to $14 from $16 at Raymond James

Raymond James lowered the firm’s price target on Avantor (AVTR) to $14 from $16 and keeps an Outperform rating on the shares. Despite the “frustrating” Q2 print and guide down, the stock reaction was “overdone,” the analyst tells investors in a research note. Raymond James understands the lack of benefit of the doubt for a messy story with a leadership transition, but with the business trading like a pure play distributor, continues to think the market is underappreciating the assets overall.