Stifel lowered the firm’s price target on Maravai Lifesciences (MRVI) to $5 from $10 and keeps a Buy rating on the shares. The firm notes Q4 revenues came up $1M light of the Street, while EBITDA fell short by $7M. As for the guide, management’s outlook is well below Street, but excludes all high volume CleanCap orders. Stifel believes the company is at point where the transition from COVID to non-COVID demand, the China uncertainty, and the opaqueness of key model area make for a low visibility situation. Maravai looks washed out at $2-$3, but remains a low-confidence Buy until greater clarity is gained and better growth materializes, the firm adds.
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