Almirall: stock drops slightly on broker downgrade

(CercleFinance.com) - Going against the grain in Madrid, the share of Spanish dermatology laboratory Almirall is down around 1% on Thursday morning, weighed on by Credit Suisse downgrading the share from "outperform" to "neutral", while cutting its corresponding target price from 18 euros to 12 euros.


"We believe the market continues to underestimate the impact of COVID-19 to Almirall," the broker says, reducing its 2020 forecasts, now expecting a 1% fall in sales, with EBITDA of 254 million euros, which are below the consensus.



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