JPM starts DiaSorin at 'underweight' on limited scope for margin progress

DiaSorin SpA

27/08/2025 09:15

** J.P. Morgan initiates coverage on Italian medical diagnostics group DiaSorin DIAS.MI at "underweight" with a 75.40 euros ($88.27) price target, citing structural challenges and limited scope for margin progression

** The brokerage sees challenges in its high exposure to immunodiagnostics from rising competition and reimbursement pressure

** It forecasts less than 200 bps of margin expansion in 2024-2027, placing its core profit (EBITDA) estimates 7% and 12% below consensus for 2026 and 2027

** It adds its molecular diagnostics segment "is not a slam dunk", and its product offering is not yet competitive enough against key peers like bioMérieux

** JPM believes the stock's valuation risk-reward is negative, and that key risk to the underweight rating is "longer exclusivity retained on specialty tests with slower than expected competition"

** The stock benefited from Morgan Stanley's upgrade to "overweight" on Tuesday

** Shares down 2.9% at 87.82 euros, as of 0754 GMT, after falling as much as 3.5%

** Stock down 11.79%, YTD

** Of 15 analysts, eight rate the stock "strong buy" or "buy," ​five "hold" and two​ strong sell" or "sell" - LSEG data

($1 = 0.8542 euros)

 (Reporting by Laura Contemori)

 ((Laura.contemori@thomsonreuters.com))