Grifols: Invest Securities remains Buy, adjusts its target

(CercleFinance.com) - Invest Securities has reaffirmed its 'buy' rating on Grifols, with an adjusted target price of €16 to €15, following the publication by the Spanish healthcare group of 'rather mixed results' for the third quarter.


While satisfied with the growth momentum of the company's Biopharma division, the research firm believes that the margin achieved 'is not up to scratch and makes the mid-point of the EBITDA margin guidance very difficult to achieve'.

Over and above speculation about Brookfield's potential takeover bid, "an operation that promises to be highly complex and uncertain", Invest Securities nevertheless believes that Grifols shares "are trading at levels far removed from their potential on the plasma market".

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