Kepler Cheuvreux ups Recordati to 'buy' on attractive valuation

Recordati Industria Chimica E Farmaceutica SpA

03/02/2026 08:16

** Kepler Cheuvreux upgrades Italian drug maker Recordati RECI.MI to "buy" from "hold," citing attractive valuation and a favourable risk-reward profile ahead of FY results

** The brokerage says the stock now trades at a discount to peers, while offering high-single-digit FCF yields

** It expects 2026 guidance broadly in line with expectations despite 40 million euros of extra investment in rare disease drug Isturisa, which it views as well-timed after an FDA setback for a rival

** Kepler Cheuvreux raises its PT by 3.6% to 57.50 euros but trims its 2026 EPS forecasts by about 5% to reflect the higher Isturisa-related costs

** Recordati is schedules to release FY figures on Feb. 17

($1 = 0.8465 euros)

(Reporting by Laura Contemori)

((Laura.contemori@thomsonreuters.com))