Bernstein cuts Carl Zeiss Meditec to 'market-perform' on muddled outlook

Carl Zeiss Meditec AG

26/01/2026 12:14

** Bernstein downgrades German medical technology firm Carl Zeiss Meditec AFXG.DE to "market-perform" from "outperform", citing lower expectations after a recent profit warning and abrupt CEO departure

      ** The broker says it "can no longer make the case for a steady improvement in margins from trough levels" after these negative developments

** Bernstein expects the company's margins to contract to 10.6% in FY 2025/26, after weak Q1 results and continued pressure in its Intraocular Lens (IOL) business

** The brokerage notes ex-CEO Maximillian Foerst was the "original architect" of Carl Zeiss' transformation, and therefore finds it harder to back expectations of future profitability

** Out of 19 analysts that cover the company, five rate it "strong buy" or "buy", 13 "hold" and one "sell" - LSEG data

(Reporting by Simon Ferdinand Eibach)

((Simonferdinand.eibach@thomsonreuters.com))