Goldman Sachs analyst Richard Felton downgraded Fresenius Medical (FMS) to Neutral from Buy with a price target of EUR 40, down from EUR 55. The firm says the company has “several headwinds” in fiscal 2026. Goldman expects aother year of treatment volume growth below Fresenius Medical’s medium-term outlook. The company also faces a partial reversal of benefits accrued in 2025 from phosphate binders, potential headwinds from the expiry of Affordable Care Act subsidies, and incremental training costs, the analyst tells investors in a research note.
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