Evotec downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank downgraded Evotec to Sell from Hold with a price target of EUR 4, down from EUR 10. The company announced a large profit warning and has lowered its adjusted EBITDA guidance for this year to only EUR 15M – EUR 35M due to much weaker dynamics in the Shared R&D segment and ramp-up costs for the French manufacturing site, the analyst tells investors in a research note. The firm says the new guidance implies consensus earnings downward revisions of 70%.