Morgan Stanley analyst Ricky Goldwasser said Catalent benefited from improved organic trends, softgel strength and previously announced M&A, which all contributed to its "beat and raise" Q2 report. Meanwhile, the agreement to acquire MaSTherCell Global solidifies the company's position in the biologics market place and the newly acquired capabilities align with its pipeline of drugs under development, according to Goldwasser. She raised her 2020 revenue and adjusted EBITDA estimates and increased her price target on Catalent shares to $67 from $64 while maintaining an Overweight rating on the stock.