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Barclays cites DiaSorin's in-line top-line but 'ambitious' margins - starts at 'equal weight'

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** Barclays initiates coverage of DiaSorin DIAS.MI with "equal weight", seeing its top-line 9% CAGR revenue estimate for 2024-27 to be in line with the company's mid-term guidance and driven by the launch of new products

** However, the Italian diagnostic group's margin targets are "ambitious", as the company already has attractive margins in comparison to its peers, and its focus on cost management is "historically strong", the brokerage notes

** Barclays still has a preference for French peer bioMerieux BIOX.PA, trading at a similar multiple, as it offers fewer risks in its mid-term targets

** Out of 15 analysts covering DiaSorin, six rate it "strong buy"/"buy", ​four "hold", and three "strong sell"/"sell"

(Philippe Leroy Beaulieu)


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