Berenberg raises target price on Convatec
By Iain Gilbert
Date: Friday 27 Jun 2025
(Sharecast News) - Analysts at Berenberg raised their target price on medical device firm Convatec Group from 310.0p to 335.0p on Friday as it pointed to "good momentum" ahead of the company's interim results.
Berenberg noted that Convatec's shares had "a strong first half", up 32% year-to-date, and have benefited from continued progress across all of its segments, as well as delays to the implementation of local coverage determinations in wound care.
However, the German bank noted that even with the re-rating in the shares, Convatec trades on an "undemanding" 12.0x FY26 enterprise value/underling earnings ratio, despite mid-teens earnings growth estimated for 2025-27.
"Looking ahead, the company's trading update on 22 May suggests momentum in the business is strong ahead of H1 results on 29 July," said Berenberg. "As a result, we could see further upside to earnings expectations as we move through the year."
Berenberg also reiterated its 'buy' rating on the stock.
Reporting by Iain Gilbert at Sharecast.com
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