BUZZ-Life sciences firm Avantor down; BofA downgrades to 'Neutral'

Reuters12-16
BUZZ-Life sciences firm Avantor down; BofA downgrades to 'Neutral'

** Shares of life sciences firm Avantor AVTR.N down 1% at $11.05

** BofA downgrades stock to "neutral" from "buy"

** Brokerage notes muted backlog conversion, equipment reliability issues and ongoing competitive dynamics will create uncertainty in near term

** Adds AVTR's "valuation remains attractive and remains constructive on the platform longer-term, but believes a cautious stance is appropriate near-term until consistent progress is evident"

** 4 of 20 brokerages rate the stock "buy" or higher, 15 "hold", 1 brokerage rates the stock "sell" or higher; median PT is $28 - data compiled by LSEG

** As of last close, stock down ~50% YTD

(Reporting by Koyena Das from Bengaluru)

((Koyena.das@thomsonreuters.com))

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