Baird lowered the firm's price target on Catalent ( CTLT ) to $45 from $49 and keeps a Neutral rating on the shares, though the firm is also designating Catalent as a "bullish Fresh pick" given what it calls an "unreasonably sharp" pullback on a large client's trial update. The selloff in Catalent shares following Sarepta's ( SRPT ) EMBARK trial miss "feels extremely overdone," the analyst tells investors. While adding "in any other tape, we would upgrade the shares," the analyst argues that "market mood swings are unrelenting and at times nonsensical" and feels that a visible fundamental recovery for Catalent "is more of a CY24+ story."