(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation and raises its price target from 108 to 110 euros on bioMérieux, explaining that it appreciated the ‘fresh and confident tone’ of the new CEO of the in vitro diagnostics group during a meeting.
In the short term, the broker sees the potential of recent product launches as ‘undervalued’ in current consensus figures and management targets, ‘which historically err on the side of caution’.
Stifel is adjusting its estimates to incorporate stronger than expected sales growth in 2023/2024, a slight improvement in profit margin in 2023 and a more cautious approach for 2024 in order to take into account certain marketing campaigns.
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