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<Research>CCBI Cuts TP of WUXI APPTEC (02359.HK) to $47; Damage from Biosecure Act Non-fatal
Recommend 6 Positive 8 Negative 7 |
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CCBI commented in a report that the US Biosecure Act has dealt a blow, albeit non-fatal, to WUXI APPTEC (02359.HK). CCBI lowered its sales forecasts on WUXI APPTEC by 13.4% for FY24-FY26 due to the uncertainty of the Act, the impact of increased pricing competition on its biology and testing business, and the global slowdown in biotech financing. The broker also dropped its gross margin forecast by 0.7 ppts and earnings by 16.0% for FY24-FY26 due to higher utilisation, increased pricing pressure and lower other revenues. CCBI reduced its target price on WUXI APPTEC H-shares from $60 to $47 and maintained its Outperform rating. AAStocks Financial News |
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