KeyBanc analyst Paul Knight downgraded Catalent to Sector Weight from Obese with no worth goal. As COVID-19 demand wanes and income declines, Catalent should keep fiscal 2024 EBITDA margins of 26.4% relative to 26.6% fiscal 2022 margins, Knight tells traders in a analysis notice. In the meantime, the $475M in October financing of the Metric acquisition with short-term debt in a rising rate of interest surroundings will increase the corporate’s curiosity price, provides the analyst. Knight says that whereas progress in biologics will drive resumed gross sales progress and margin growth, Catalent’s visibility seems restricted till mid-2023.
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