Berenberg initiates Tecan with 'buy' on demand recovery and positive outlook

Tecan AG

10/06/2025 08:25

** Berenberg initiates Swiss life sciences tool manufacturer Tecan TECN.S with a "buy" rating, noting both recent demand recovery and structural trends

** Tecan's "progressive recovery" will stem from increased demand from biopharma customers as well as new launches and partnerships despite continuing pressure from the Chinese market, the broker says

** It forecasts "a return to strong mid-single digit growth in 2026" and a "c250bp margin expansion by 2027, driven by operating leverage"

** Tecan is also set to benefit from structural trends, including increased demand for healthcare and lab automation technologies, the broker adds

** Tecan's share price risk is skewed to the upside and attractive trading on 11x2026 EV/EBITDA, the broker says

** Out of eight analysts who cover Tecan, three rate it "buy" and five rate it "hold"

** Shares of Tecan are seen up 4% at market opening

 (Reporting by Maria Rugamer)

 ((Maria.Rugamr@thomsonreuters.com))