Guggenheim analyst Glen Santangelo noted that Avantor shares have pulled back about 27% from a high of $19.18 in July, which he attributes to investors being "rattled" by a variety of factors that include recent commentary from management with a softer tone about demand trends in Europe, difficult year-over-year comparisons in Q3, the recent departure of COO Bjorn Hoffman and broader market concerns around recent IPOs. While he acknowledges "the news flow has been discouraging," Santangelo thinks much of the concern is now reflected in the shares, which he sees trading at "a compelling valuation" given his positive view of the company's long-term positioning. He keeps a Buy rating on Avantor shares with a $21 price target.