Almirall: After the storm we change our recommendation to Hold (from Sell)
- Management reshuffled
- Withdraws two products from its US pipeline
- Only moderate impact on our forecasts
- Our new target price is €11.00
- Recommendation change to Hold, from Sell
Since we downgraded Almirall to Sell (20th July 2017), the stock has shed –3.5% (–34% since the profit warning) and in the last month has been a neutral performer. Our recommendation changes to Hold (from Sell). In spite of a 28% upside, we prefer to be cautious and stay in the sidelines until the news flow reflects the turnaround in the US and that the 2017 guidance can be achieved.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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