Morgan Stanley analyst Robert Davies downgraded Fresenius Medical to Underweight from Equal Weight with a EUR 33 price target. The rating change is part of the firm’s 2024 outlook for European medical technology and services. The analyst expects earnings delivery to play a more prominent role in relative winners and losers in 2024 versus a multiple dominated 2023. The firm cites Fresenius Medical ‘s GLP-1 exposure for the downgrade.
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