12:15 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target price by $4 to $21, 17.4x our projected 2025 EPS, below AVTR's historical forward P/E average. We maintain our 2024 EPS estimate at $1.02 and our 2025 EPS view at $1.22. AVTR's Q1 results, announced this morning, were mostly in line with expectations, while the earlier 2024 guidance was reaffirmed. Q1 EPS of $0.22 vs. $0.29 came close to expectations, $0.01 above our estimate and $0.02 above the S&P Capital IQ consensus. AVTR reported Q1 net revenues of $1.7B, down 5.6% Y/Y, $100M below our estimate and $3M below the consensus. Sales declines in Bioscience Production (-9.5% Y/Y, 31% of net sales) were slightly above expectations as the biotech funding environment remained challenging. The core laboratory solutions segment's net sales were down 3.8% Y/Y due to lower equipment and instrumentation revenue generated during the quarter. While management is signaling improving business conditions, we continue to see limited meaningful catalysts in the near term to propel significant growth.