MRVI - Maravai hits new 52-week low as Bank of America downgrades on 2023 outlook

• Maravai LifeSciences ( NASDAQ: MRVI ) reached a new 52-week low on Thursday after the company reported a mixed performance with its Q3 2022 results, which prompted Bank of America to downgrade the stock to Neutral from Buy, citing lackluster outlook for 2023.
• The analyst Michael Ryskin and the team argued that while quarterly print roughly met their expectations, the outlook the management shared for 2023 stood below all of their previous forecasts for measures such as growth in the base business and EBITDA margin.
• “All in, this results in a roughly -50% cut to our Adj EBITDA estimate in 2023, and leaves us with significant questions on the true ex-COVID profile of the business,” the analysts added, slashing the price target on the stock to $17 from $32 per share.
• Wall Street has remained bullish on Maravai ( MRVI ), with an average rating of Strong Buy from analysts. However, Seeking Alpha Authors and SA’s Quant System, which consistently beats the market , rated MRVI as a Hold.

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