Catalent price target raised to $63 from $47 at Barclays

Barclays raised the firm’s price target on Catalent to $63 from $47 and keeps an Equal Weight rating on the shares ahead of the Q2 report. The analyst says the company’s intra-quarter commentary has lowered expectations for a bioprocessing destocking recovery, biotech funding has stalled and capex spending is bouncing along the bottom due to constrained pharma budgets. The firm continues to favor contract research organizations on valuation, and bioprocessing names “as it is still the only market that is improving.”