Embecta initiated with a Neutral at Mizuho

Mizuho initiated coverage of Embecta (EMBC) with a Neutral rating and $15 price target The firm says its rating balances the company’s “attractive” cash flow profile with an outlook for continued share erosion away from the core pen needle and syringe offerings as more diabetics shift away from multiple daily injection insulin therapy. Embecta’s cash flow profile has steadily improved post-spin from Becton Dickinson (BDX), but ongoing pen needle and safety syringe share churn will likely keep its sales trending at roughly flat-to-down over the next several years, the analyst tells investors in a research note.