KeyBanc Starts Patheon Holdings (PTHN) at Overweight
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KeyBanc initiated coverage on Patheon Holdings (NYSE: PTHN) with an Overweight rating and a price target of $33.Analyst Matthew Mishan sees growth opportunity.
"We believe PTHN is in the early innings of building a broader, more vertically integrated Contract Development and Manufacturing Organization (CDMO) with significant opportunity for organic and inorganic growth. More specifically: 1) there are multiple levers for HSD sales growth; 2) it has room for further margin expansion; 3) leverage declines as EBITDA improves; 4) it is likely an acquirer rolling up a fragmented industry; and 5) there is potential for multiple expansion," said Mishan.
Shares of Patheon Holdings closed at $27.00 yesterday.
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