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Sartorius Stedim Biotech: Berenberg slashes target price

( - On Thursday Berenberg announced that it has slashed its target price for Sartorius Stedim Biotech shares from E446 to E365, while maintaining its buy rating on the stock.

The broker justifies its decision by last month's announcement of the acquisition of Polyplus for E2.4bn and the imminent publication of its Q1 results.

While Berenberg understands the benefits of the Polyplus acquisition from a long-term perspective, as well as both companies' complementary nature, it expects the healthcare equipment maker to face some difficulties in the short-to-medium term to crystallise the value of the deal.

Berenberg says it expects the healthcare equipment maker to have a difficult start to the year, a weakness that it believes could create an opportunity for the stock before business trends improve in H2.

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