Anna Ractliffe, an analyst from Bank of America Securities, reiterated the Sell rating on Fresenius Medical Care AG & Co. KGaA. The associated price target was lowered to €32.00.
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Anna Ractliffe has given his Sell rating due to a combination of factors tied to weak operating momentum and limited earnings visibility. She expects the US same-market treatment growth business to remain under pressure in Q4 and through 2026, with elevated mortality and higher flu-related missed treatments weighing on volumes. In her view, the implied step-up in EBIT margins needed in Q4 to meet the company’s full-year guidance looks demanding, even after accounting for one-off benefits and ongoing cost savings initiatives.
Ractliffe also highlights that management has already signaled substantial earnings headwinds for 2026, particularly in the Care Delivery segment, from the expiry of ACA subsidies, costs related to rolling out high-volume HDF, and pressure from phosphate binder dynamics. Additional risks from potential pricing pressure in China, higher IT spending, and general inflation further cloud the margin expansion story. Reflecting this weaker outlook, she cuts 2026 estimates, lowers her valuation multiples, and reduces her price objective to €32, which sits meaningfully below the current share price, supporting an Underperform (Sell) stance.
According to TipRanks, Ractliffe is a 3-star analyst with an average return of 11.4% and an 83.33% success rate.
In another report released on January 23, J.P. Morgan also maintained a Sell rating on the stock with a €37.40 price target.