BofA downgraded Fresenius Medical (FMS) to Underperform from Neutral with a price target of EUR 38, down from EUR 50, citing limited visibility on when patient volumes will recover and margin risks in 2025-26 due to ACA subsidies expiring and a mix shift to value-based care. The firm thinks upcoming potential catalysts are well appreciated and won’t drive meaningful near-term upside, the analyst added.
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