(News Bulletin 247) – Berenberg announced on Thursday that it had sharply reduced its target price on Sartorius Stedim Biotech, which it reduced from 446 to 365 euros while maintaining its buy recommendation on the stock.
The intermediary justifies its decision by the announcement, last month, of the acquisition of Polyplus for an amount of 2.4 billion euros as well as by the imminence of the publication of the results of the first quarter.
Although he says he fully understands the advantages linked to the acquisition of Polyplus in a long-term perspective, as well as the complementarity that exists between the two companies, Berenberg expects the equipment manufacturer for the health sector to meet, in short and medium term, some difficulties in crystallizing the value of the operation.
Berenberg said he expects a difficult start to the year for the healthcare equipment maker, a weakness that he believes could generate an opportunity on the stock before business trends improve during the second half of the year.
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