JPMorgan downgraded Catalent to Neutral from Overweight with a price target of $45, down from $90. Instead of fiscal Q3 results on Friday, Catalent provided a business update, discussing the productivity and operational issues experienced in the quarter and actions taken to help resolve the issues, the analyst tells investors in a research note. The firm continues to believe in the long-term opportunities for Catalent, but says the current productivity issues, accounting reviews and delayed Q3 filing, risk of restatement, continuous pharma and consumer health business weakness and macro headwinds limit its near-term visibility. As such, it downgraded the shares and halved its price target.
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