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Investing.com - JPMorgan has initiated coverage on DiaSorin SpA (BIT:DIA) (OTC:DSRLF) with an Underweight rating and a price target of EUR75.40.
The investment bank cited structural challenges for the in vitro diagnostic (IVD) systems manufacturer, particularly pointing to its high exposure to immunodiagnostics where increasing competition and reimbursement pressures pose significant headwinds.
JPMorgan’s analysis indicates limited scope for margin progression at DiaSorin, with its estimates falling 7% below consensus for FY26 EBITDA and 12% below for FY27 EBITDA.
The firm noted that while DiaSorin shares have already de-rated 9% year-to-date, reflecting some risks, the stock still trades at 20.5x FY26E price-to-earnings ratio, suggesting potential further downside due to expected earnings downgrades over the mid-term.
Within the IVD space, JPMorgan expressed preference for peer bioMérieux, which it initiated with a Neutral rating, citing better fundamentals and earnings profile compared to DiaSorin.
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