Emergent BioSolutions (EBS) PT Raised to $55 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brandon Folkes raised the price target on Emergent BioSolutions (NYSE: EBS) to $55.00 (from $50.00) while maintaining an Overweight rating.

The analyst commented, ": We reiterate our Overweight rating, and revise our price target to $55 from $50. Our price target revision is driven by marginally increased visibility on the company's longer term topline growth profile, and as well as a greater appreciation for near term cash generation, which we value in the current environment, as opposed to later dated cash flows. That said, we do believe that the 2022 guidance is not an all clearing event for the overhangs. There are a number of overhangs that remain, and some lingering concerns highlighted by the 2022 guidance; however, when we moved our prior price target to $50 in November 2021, we used very conservative assumptions which we believe are being exceeded on a net basis, which drives our price target to $55. We believe in 2022, EBS will be a solid stock, rather than a high risk high reward opportunity. We believe CDMO visibility post the COVID contracts will drive further upside from here, as well as more color on the path to the $2B in revenue in 2024."

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