Eurofins: stock hit by downgrade

(CercleFinance.com) - Eurofins Scientific is losing ground on the Paris Bourse this Wednesday, following a recommendation downgrade by Berenberg, according to which the stock has lost some of its appeal.


The broker, which downgrades its recommendation to 'hold' (from 'buy'), with a target price slashed from E75 to E53, highlights the 'disappointing' growth reported by the French bio-analysis specialist.

Apart from the vote planned at the next AGM on the continuation of the strategy of buying back hitherto leased assets, we don't see many positive catalysts for the coming 12 months, it explains in a note.

In its opinion, the current cycle of downward revisions to market forecasts is set to continue, in view of the difficult medium-term targets the company has set itself.

While it foresees possible positive surprises this year in terms of its Ebitda margin and free cash flow, Berenberg believes that other companies in the sector are currently far more attractive.

It adds that, while there is little doubt that the company's share price will recover in the medium term, the merits of the company's strategy are more than offset by the market sentiment currently surrounding the stock and the factors weighing on growth.

Just after 10am, Eurofins shares were down 0.6%, back towards their recent five-year lows, and one of the biggest decliners on the CAC 40, which was up 0.1%.


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