Evotec downgraded to Hold from Buy at Jefferies

Jefferies downgraded Evotec to Hold from Buy with a price target of $3.80, down from $8.70. The firm expects Evotec’s strategic reset to take time, with “lingering uncertainty over when the market will recover.” A lack of clarity over the business trajectory in 2025 and beyond, plus risk of further delays to the strategy update, “could amplify concerns further,” the analyst tells investors in a research note.