Analyst Carlo Maritano of Intermonte maintained a Buy rating on El.En. S.p.A., retaining the price target of €16.50.
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Carlo Maritano has given his Buy rating due to a combination of factors, primarily the solid start to 2026 and the renewed strength of the core Medical division. The segment returned to double‑digit like‑for‑like growth, driven by robust demand in aesthetics and services, which more than compensated for temporary weakness in Industrial, and this favourable mix supported both EBIT expansion and a strong net cash position.
Moreover, management confirmed guidance for about 5% revenue growth and improving margins in 2026, backed by a healthy order book and an Industrial business expected to recover from the second quarter. With a reinforced balance sheet, better ROIC after the Chinese disposal, and potential upside from future capital allocation and strategic decisions in Industrial Cutting, he sees room for a valuation re‑rating, justifying a reiterated Buy and an unchanged price target of $16.5.