Stifel starts Pfeiffer Vacuum with 'hold', sees stable growth speed

Pfeiffer Vacuum Technology AG

16/12/2021 09:40

** Stifel initiates German vacuum pump maker Pfeiffer Vacuum
 PV.DE  with "hold" and PT of EUR 207, as it expects its growth
speed to be maintained but remains cautious on operating
leverage
    ** The broker sees vacuum as a "still very attractive field"
and expects it to bank on a growing number of opportunities,
such as hydrogen leak detection and battery cell manufacturing
    ** It notes the vacuum pump market is forecast to increase
by a compound annual growth rate of 6% to EUR 6.0 bln in 2026
    ** However, it flags Pfeiffer Vacuum's "unprecedented growth
of 23% this year does not appear to come with strong operating
leverage"
    ** Among the main risk factors identified, Stifel cites
supply-chain constraints, return of COVID-19, cyclical swings,
competitive risks  largely  exerted  by  vacuum  bellwether 
Atlas Copco  ATCOa.ST  and headwinds in the event of a weak U.S.
dollar
    ** Out of 6 analysts that cover Pfeiffer Vacuum, ​one rates
the stock "strong buy", three rate it "hold" and two​ rate it
"strong sell" or "sell"
    

 (Reporting by Ana Cantero)
 ((ana.canteroros@thomsonreuters.com))