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Investing.com - JPMorgan has initiated coverage on M3, Inc (TYO:2413) (OTC:MTHRF) with an Overweight rating and a price target of JPY2,300.00 through December 2026.
The Japanese healthcare platform’s share price has remained weak over the past three years due to declining COVID-19-related special demand, according to JPMorgan’s analysis.
The investment bank expects M3’s profit growth to resume from fiscal year 2025, with valuations likely to increase further as the company navigates current market conditions.
While pharmaceutical companies are reducing their medical representative budgets in M3’s core marketing support business, JPMorgan notes this headwind is balanced by increasing digital transformation in sales and marketing operations, which should support moderate medium to long-term sales growth.
JPMorgan also highlights potential strong growth in M3’s overseas operations, particularly in the U.S. clinical trial business, which has completed organizational reforms after experiencing weakness until fiscal year 2013.
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