Straumann falls after Deutsche Bank cuts to 'hold' on rising risks, CEO change
BUZZ-Straumann falls after Deutsche Bank cuts to 'hold' on rising risks, CEO change ** Shares in Swiss dental implants maker Straumann STMN.S fall 3.1% after Deutsche Bank downgrades the stock to "Hold" from "Buy", citing rising risks and the CEO transition
** Deutsche Bank says Straumann's premium valuation "leaves little room for disappointment", flagging persistently high inflation, risk of interest rate hikes, and a potential slowdown in China which could weigh on customer demand
** It also points to the unexpected CEO transition, announced on Wednesday shortly after Straumann set out its new medium-term strategy
** Straumann shares fell around 6% on Wednesday after the CEO change overshadowed solid H1 results, with revenue roughly in line with consensus and core EBIT and margin slightly above forecasts
** Out of 17 analysts that cover Straumann Holding AG, nine rate the stock "strong buy" or "buy," six rate "hold" and two rate the stock "strong sell" or "sell" - LSEG data
(Reporting by Basile Day)
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