Evotec (EVO) PT Lowered to $3 at BofA Securities

BofA Securities analyst Derik de Bruin lowered the price target on Evotec (NASDAQ: EVO) to $3.00 (from $4.50) while maintaining a Underperform rating.

The analyst comments "Overall, it was another challenging quarter with several factors weighing on EVO’s results and there were few positives in the updated outlook or market commentary. We incorporate the 2Q print and guide cut into our model. Our estimates move materially lower, and we roll our valuation forward; and our PO moves to $3 (was $4.50), now based on ~14x FY25E EV/EBITDA (was 20x FY24e). We reiterate our Underperform rating given EVO’s various mid-term challenges and near-term uncertainty."

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