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Euroapi: stock falls on broker downgrade

( - On Thursday Deutsche Bank downgraded its rating on Euroapi shares from "buy" to "hold", reducing its corresponding target price from 22 euros to 17 euros.

In a reaction note, the analyst believes that the "surprise" warning made by the manufacturer of active ingredients for the pharmaceutical industry implies a downward revision of around 13% of the consensus forecasts established for 2022.

Deutsche Bank adds that it expects market estimates for 2023 to be reduced as well.

After excellent H1 earnings (the first since its spin-off from Sanofi in May 2022), yesterday's news comes as a premature blow for DB's investment thesis, it said.

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