RBC Capital Markets downgrades Abcam to ‘sector perform’
RBC Capital Markets downgraded Abcam on Tuesday to ‘sector perform’ from ‘outperform’ and cut the price target to $22 from $23 as it recommended investors take profit on bid anticipation.
Abcam
13 December 2022 17:24:29
Source: Sharecast
It noted that the shares are up 40% in the last 10 days, and 65% in the quarter to date.
"It is unclear how advanced the ‘strategic inquiries’ are, and the valuation work in this report implies relatively little further upside on a transaction anyway," RBC said.
"We have always liked Abcam's fundamentals but see activist investor engagement and anticipation of a potential bid as likely to drive material volatility in the shares.
"While our $22 price target informs our downgrade to sector perform, we would take profits here."
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