Morningstar starts coverage of Australia's Polynovo, says shares appear overvalued

Polynovo

26/09/2023 22:01

** Analysts at Morningstar start coverage of medical
equipments supplier Polynovo's  PNV.AX  shares with a fair value
estimate of A$1/shr
    ** Brokerage says company's shares appear overvalued,
suspect market is likely too optimistic on speed and extent of
PNV's commercial rollout while underestimating competitive
pressures
    ** "We think Polynovo will have little to defend its
position when faced with stronger competition in the coming
decade, particularly when its key patents expire in fiscal 2028"
- Morningstar
    ** Analysts at Morningstar expect the firm will increase its
sales staff to support market share gains
    ** Company's shares down 33.9% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com))