Citi says that like many investors, the firm is still confused whether Grifols’ messaging on free cash flow for 2024 is zero or EUR 400M-450M. However, the company’s messaging on demand and profitable growth remains consistent, the analyst tells investors in a research note. Citi’s base-case remains no further regulatory investigation is warranted. It keeps a Buy rating on Grifols with an EUR 23 price target.
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