BNP picks medtech favourites, sees re-rating in H2 2026

Sartorius AG

10/12/2025 08:29

** Tariffs, destocking, US funding risk and China hit European medtech stocks in 2025 but challenges are priced in, says Exane BNP Paribas as it picks its favourites in the sector

** According to the brokerage, re-rating will materialize in the second half of 2026

** BNP top picks are Essilorluxottica ESLX.PA, Sartorius Stedim STDM.PA and Fresenius FREG.DE

** It double upgrades Straumann STMN.S from "underperform" to "outperform," seeing sales bouncing back and low valuation

** It upgrades Sartorius SATG_p.DE to "outperform" from "neutral" on improving trends in equipment and a better funding environment

** It downgrades Siemens Healthineers SHLG.DE to "neutral" from "outperform" given the parent firm's overhang, unclear timing and structure for a Diagnostics exit, and a limited upside to consensus

** It also cuts Gerresheimer's GXIG.DE rating to "underperform" from "neutral" on weakening end-markets, high leverage and unclear path to FCF recovery

COMPANY
RATING
OLD RATING
PT
Alcon
Outperform
Outperform
84 Swiss francs
Demant
Outperform
Outperform
285 DKK
Essilorluxottica
Outperform
Outperform
365 euros
Fresenius Med
Neutral
Neutral
45 euros
Fresenius SE
Outperform
Outperform
60 euros
Gerresheimer
Underperform
Neutral
22 euros
GN Store Nord
Outperform
Outperform
145 DKK
Lonza
Outperform
Outperform
701 Swiss francs
Philips
Outperform
Outperform
30 euros
Sartorius pref
Outperform
Neutral
296 euros
Sartorius Stedim Biotech
Outperform
Outperform
275 euros
SCHOTT Pharma
Outperform
Outperform
22 euros
Siemens Healthineers
Neutral
Outperform
48 euros
Straumann
Outperform
Underperform
110 Swiss francs

 (Reporting by Paolo Laudani in Gdansk)

 ((Paolo.laudani@thomsonreuters.com))