Grifols: Berenberg cuts target price
(CercleFinance.com) - Berenberg is maintaining its "buy" rating on Grifols B shares, although has cut its target price from 24.
40 euros to 24.05 euros.
In a research report, the German broker says Anti-FcRn antibodies, which are a novel class of therapeutics that target immune-mediated diseases, pose a credible threat to Grifols' intravenous immunoglobulin sales.
However, it adds that the market is overestimating the impact of the threat in terms of revenue, as well as the likelihood of it materialising and the financial impact if it does, Berenberg says.
Note that the analyst has a "hold" rating on Grifols' A shares, pointing out that in terms of P/E, they shares are currently 37% more expensive than B shares.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
40 euros to 24.05 euros.
In a research report, the German broker says Anti-FcRn antibodies, which are a novel class of therapeutics that target immune-mediated diseases, pose a credible threat to Grifols' intravenous immunoglobulin sales.
However, it adds that the market is overestimating the impact of the threat in terms of revenue, as well as the likelihood of it materialising and the financial impact if it does, Berenberg says.
Note that the analyst has a "hold" rating on Grifols' A shares, pointing out that in terms of P/E, they shares are currently 37% more expensive than B shares.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.