Fresenius Medical upgraded to Hold from Reduce at HSBC

HSBC analyst Sezgi Oezener upgraded Fresenius Medical to Hold from Reduce with a price target of EUR 39, up from EUR 38. The analyst says the recently announced divestments both at Fresenius Medical and Fresenius reduce sales and enhance margins and liquidity. The negative risks associated with the adoption of GLP1 drugs are more than priced into Fresenius Medical shares, the impact will likely take a long time to prevail and the company’s free cash flow of 14% over the next five years relative to its market value is higher than most peers, the analyst tells investors in a research note.