BofA upgraded Fresenius Medical (FMS) to Neutral from Underperform with a price target of EUR 45, up from EUR 35. Fresenius Medical Care’s key metrics of treatment volume, margin expansion and leverage “appear to have bottomed and started to inflect,” says the analyst, who thinks the the set-up for 2025 looks better than expected a year ago, while expectations on the sell-side remain “relatively low.”
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