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Research Alert: CFRA Keeps Sell Opinion On Ads Of Fresenius Medical Care
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Research Alert: CFRA Keeps Sell Opinion On Ads Of Fresenius Medical Care
May 5, 2026 10:07 PM

12:55 AM EDT, 05/06/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our target price to USD19 from USD21, implying 8.2x of our 2026 EPADS, below its three-year historical forward P/E of 12.9x to reflect the long-term growth uncertainty on the back of the still elevated excess mortality rate. FME's Q1 2026 revenue fell 5.5% mainly due to currency headwinds, with organic growth remaining positive at 3.9%, while the operating margin (excluding special items) improved 0.7%-pts. The results were supported by FME25+ savings, the rollout of the 5008X CAREsystem, and the TDAPA reimbursement tailwinds. However, the U.S. same market treatment growth remained challenged, hit by missed treatments. FME reaffirmed its 2026 guidance, with 1H expecting to be stronger before TDAPA benefits phase out in 2H. We adjust our EPADS estimates to EUR1.98 from EUR2.03 for 2026 and to EUR2.16 from EUR2.20 for 2027 to account for the results. While the sustained FME25+ cost savings is positive, the timeline for U.S. same market volume recovery remains uncertain, which we see as a key concern.

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