'In an uncertain world, opportunities abound' - Citi on European health cos
Citi is more constructive on the opportunities in European Healthcare Services and MedTech, seeing fewer near-term risks to consensus in an uncertain market
The broker says Q1 earnings largely showed resilient end-markets as well as a stable cost/operating environment, with guidance ranges considering worst-case tariff scenarios
The sector is also trading at/or below historical averages - brokerage
Brokerage says it considers Alcon ALCC.S its top pick, and also prefers Diagnostyka DIAP.WA, EssilorLuxottica ESLX.PA, Oxford Nanopore Technologies ONT.L, Schott Pharma 1SXP.DE, and Siemens Healthineers SHLG.DE (all "buy"-rated)
Separately, it prefers some companies such as Demant DEMANT.CO, Fresenius FREG.DE and Smith & Nephew SN.L, which have a disconnect between existing valuation and fundamental earnings
Broker upgrades Demant to "buy" from "neutral"
The brokerage keeps "sell" rating on Elekta EKTAb.ST citing structural share losses, and on Sonova SOON.S, Straumann STMN.S, where it still sees low-to-mid single-digit percentage downside to consensus
COMPANY | NEW RATING | OLD RATING |
Alcon | buy | buy |
Amplifon AMPF.MI | neutral | neutral |
Coloplast COLOb.CO | neutral | neutral |
ConvaTec CTEC.L | neutral | neutral |
Demant | buy (upgrade) | neutral |
Diagnostyka | buy | buy |
Elekta | sell | sell |
EssilorLuxottica | buy | buy |
Fresenius Medical Care FMEG.DE | neutral | neutral |
Fresenius | buy | buy |
GN Store Nord | buy | buy |
Koninklijke Philips PHG.AS | neutral | neutral |
Oxford Nanopore Technologies | buy | buy |
Schott Pharma | buy | buy |
Siemens Healthineers | buy | buy |
Smith & Nephew | buy | buy |
Sonova | sell | sell |
Straumann | sell | sell |
Synsam | buy | buy |
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