Schrodinger price target lowered to $20 from $24 at BofA

BofA analyst Michael Ryskin lowered the firm’s price target on Schrodinger (SDGR) to $20 from $24 and keeps a Buy rating on the shares. While the firm views Schrodinger’s increased shift toward hosted software as “a sensible long-term move,” it will pressure reported revenues in the near-term and is likely to create some investor confusion and concern, even though underlying demand trends and KPIs remain unchanged, the analyst says.