Avid Bioservice's FY24 Shortfall Anticipated: Analyst Says Later Stage Backlog May Pay In Longer Run
Portfolio Pulse from Vandana Singh
Avid Bioservices reported Q4 revenue of $39.8 million, a 28% Y/Y increase, beating the consensus of $38.90 million. However, the company forecasts FY24 sales of $145 million-$165 million, below the consensus of $181.27 million. Stephens reiterated its Overweight rating but lowered its price target to $20 from $24.
June 22, 2023 | 7:15 pm
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Avid Bioservices' Q4 revenue beat expectations, but FY24 sales guidance is below consensus. Stephens lowered its price target to $20 from $24.
Avid Bioservices reported better-than-expected Q4 revenue, but its FY24 sales guidance is significantly below consensus, which is likely to negatively impact the stock price in the short term. Additionally, Stephens lowered its price target for the stock, further contributing to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100