Siegfried initiated with a Neutral at Citi

Citi analyst Vineet Agrawal initiated coverage of Siegfried with a Neutral rating and CHF 800 price target. Within Europe life sciences tools/services companies, the analyst prefers Sartorius and Lonza given a “robust outlook” for biologics end-markets. Citi’s survey work points to inventory normalization in the second half of 2023, broadly in line with industry commentary. Visibility on biotech funding environment is less clear and is dependent on the broader macro backdrop, the analyst tells investors in a research note.