Morningstar initiates coverage on Australia's Polynovo, says market 'too optimistic'

Polynovo

27/09/2023 03:44

**  Analysts at Morningstar initiate coverage on medical
device maker Polynovo  PNV.AX 
    ** Brokerage suspects market is likely too optimistic on the
speed and extent of Polynovo’s commercial rollout of medical
devices and is underestimating competitive pressures
    ** Co's shares were flat at A$1.335 at 0228 GMT 
    ** Says, co will have little to defend its position when
faced with stronger competition in the coming decade
    ** Morningstar gives fair value estimate of A$1.00,
uncertainty rating of "very high" 
    ** Forecasts a five-year group revenue cumulative annual
growth rate of 26% forward to FY28
    ** Six analysts rate the stock "buy" or higher, and one
"sell"; median PT is A$2.0 - LSEG Data
    ** PNV down 33.9% YTD as of last close
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))