Galderma: Solid Q1 Outperformance but Limited Upside Keeps Rating at Hold

Thibault Boutherin, an analyst from Morgan Stanley, maintained the Hold rating on Galderma Group AG. The associated price target remains the same with CHF155.00.

Thibault Boutherin has given his Hold rating due to a combination of factors linked to Galderma’s solid but largely anticipated performance. The company delivered first-quarter sales ahead of expectations across injectable aesthetics, skincare, and therapeutic dermatology, with particular strength in neuromodulators and fillers where Restylane and Sculptra gained share despite a softer market backdrop.

Thibault Boutherin’s rating is based on the view that, while this strong start supports management’s 17–20% constant-currency sales growth and 26% core EBITDA margin guidance, these targets were already broadly reflected in market forecasts. With foreign exchange now offering a smaller benefit and consensus growth expectations close to the midpoint of company guidance, he sees only modest share price upside and therefore maintains a neutral, Hold stance on the stock.

According to TipRanks, Boutherin is ranked #4717 out of 12161 analysts.

In another report released on April 16, RBC Capital also maintained a Hold rating on the stock with a CHF155.00 price target.