Sartorius: shares drop further after downgrade
(CercleFinance.com) - Sartorius shares are down over 5% at 124 euros on Friday after Berenberg downgraded the laboratory equipment maker's share from "hold" to sell.
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The German broker raised, still, its target price for the share from 110 euros to 115 euros.
"Sartorius remains a high-quality growth story, and a share that we have supported over many years," Berenberg wrote in a note to clients.
"However, following in-line 2018 results and 2019 guidance, shares have staged a remarkable 30% rally from already lofty levels and the current valuation can no longer be justified fundamentally, in our view," it added.
Yesterday UBS downgraded its "buy" rating on the stock,to "neutral," while adjusting its corresponding target price from 142 euros to 147 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"
The German broker raised, still, its target price for the share from 110 euros to 115 euros.
"Sartorius remains a high-quality growth story, and a share that we have supported over many years," Berenberg wrote in a note to clients.
"However, following in-line 2018 results and 2019 guidance, shares have staged a remarkable 30% rally from already lofty levels and the current valuation can no longer be justified fundamentally, in our view," it added.
Yesterday UBS downgraded its "buy" rating on the stock,to "neutral," while adjusting its corresponding target price from 142 euros to 147 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.