Fresenius Medical Care : TP reduced to € 90 (prev.: € 96), but share price decline overdone. Maintain Buy
>Lowering TP to € 90 (prev.: € 96) due to 2018 outlook reduction - After Fresenius Medical Care (FME) posted preliminary Q3 18 results below our expectations and consensus and also cut its 2018 outlook, its share price has declined massively – which we consider overdone. We have cut our estimates for 2018 by 4% and our TP from € 96 to € 90. In our view, however, the Q3 miss and 2018 outlook reduction do not explain all of the share price plunge. We believe it is also ...RegistrarFresenius Medical Care is a kidney dialysis company, operating in both the field of dialysis services and the field of dialysis products for the treatment of end-stage renal disease (ESRD). Co.'s dialysis business is vertically integrated, providing dialysis treatment at dialysis clinics it owns or operates and supplying these clinics with a range of products. In addition, Co. sells dialysis products to other dialysis service providers. In the U.S.A., Co. also provides inpatient dialysis services and other services under contract to hospitals. Co. provides patient services, including renal pharmaceutical products and in the U.S.A., laboratory services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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