Analyst Giorgio Tavolini from Intermonte maintained a Buy rating on PharmaNutra SpA and increased the price target to €89.00 from €88.00.
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Giorgio Tavolini has given his Buy rating due to a combination of factors, including solid 2025 results and stronger-than-expected cash generation that reduced working capital absorption. He highlights that margins remain healthy even after start-up costs for new initiatives, while the dividend is growing and signals management’s confidence in the company’s financial strength.
Tavolini’s valuation also reflects the breadth of PharmaNutra’s growth drivers, from the revamped Italian sales structure and new European partnerships to the fast-growing U.S. e-commerce business and a rich R&D pipeline with multiple launches ahead. He notes that the stock still trades at a discount to its main peer despite a visible multi-year expansion path, supporting a higher target price and justifying a Buy recommendation.