Grifols: Invest Securities still a buyer, raises TP

(CercleFinance.com) - Invest Securities has reiterated its "buy" rating on Grifols shares, nudging up its its target price for them from 25 euros to 26 euros (current price 19 euros, -0.
6%), recalling that, at the beginning of May, the Spanish group delivered an encouraging qualitative commentary on its business in Q1 2022.

Plasma collection is returning to pre-crisis levels, although the effect on results is still slow to emerge, the analyst said, who is taking a more cautious stance on margins in 2022 and incorporating the acquisition of Biotest, which closed at the end of April.

At the share's current price, the market is not taking into account the recovery of the collection or the acquisition of Biotest, which should increase its margins to 10-year highs by 2026, the broker says.


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