Evotec slips after Jefferies cuts on uncertain strategy, market recovery timing
** Shares in Evotec EVTG.DE slip around 2% after Jefferies cuts the biotech company to "hold" from "buy," pointing to uncertain timing of market recovery and risks of further delays to its strategy update
** The broker remains cautious on the speed of market recovery, seeing it in early 2025 at the earliest, while noting slower funding flows and continued pressure on pharma R&D budgets
** It also sees risks that Evotec will not provide a strategy update with its Q3 results, leading to a lack of clarity on the company's 2025+ trajectory
** "Visible near-term catalysts for investors to attribute meaningful value to partnered assets are also scarce," it adds
** Out of 12 analysts that cover Evotec, seven rate the stock "strong buy" or "buy", four rate it "hold" and one rates it "sell" - LSEG
Reporting by Chiara Holzhaeuser
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