Inotiv upgraded to Buy from Hold at Lake Street

Lake Street upgraded Inotiv to Buy from Hold with a price target of $4, up from $2. The firm, which had previously downgraded shares on balance sheet concerns and a cloudy outlook, mostly related to NHPs, says the new debt facility and covenant reworking resolve near-term liquidity concerns and that NHPs are expected to recover some next quarter, which could drive upside to estimates. The firm thinks expectations are at an all-time low and argues that “any positive fundamental improvements will drive a significant repricing event that could drive a multi-bagger in shares.”