'Convalescence is over': Jefferies sees upbeat 2024 for European MedTech

Coloplast A/S

30/11/2023 13:53

** Jefferies initiates coverage of eleven European medical
technology firms, with seven "buy" ratings, seeing a better 2024
after a downbeat market performance over the past two years
    ** It says hopes for normalized inflation and stabilizing
rates make MedTech attractive for investors in 2024
    ** The broker's top picks with "buy" rating are Amplifon
 AMPF.MI , Coloplast  COLOb.CO , ConvaTec  CTEC.L , GN Store
Nord  GN.CO , Siemens Healthineers  SHLG.DE , Smith&Nephew
 SN.L  and Sonova  SOON.S 
    ** Jefferies notes Elekta  EKTAb.ST  has performed below its
growth target in six of the last seven quarters, starting it at
"hold"
    ** It also rates Straumann  STMN.S  at "hold", saying its
2024 growth acceleration is at risk due to economic problems in
the dental industry
    ** At the bottom of the list are Philips  PHG.AS  and Demant
 DEMANT.CO , both initiated at "sell"
    ** Philips is "far from done with the shock waves from the
Respironics recall", which could have financial and operational
consequences for several years, Jefferies says
    ** It is also cautious on Demant's ability to keep up its
positive momentum from 2023, preferring competing hearing aid
maker Sonova

 (Reporting by Eva Orsolya Papp)
 ((Evaorsolya.Papp@thomsonreuters.com))