Catalent downgraded to Neutral from Outperform at Baird

Baird downgraded Catalent to Neutral from Outperform with an unchanged price target of $63.50. The firm says it cannot confidently project valuation in a deal break scenario and, as such, is moving to the sidelines. If a deal concludes as intended, Baird will forsake a 6.3% absolute return and higher annualized return, the analyst tells investors in a research note.