Down 58% since the start of the year, Euroapi is one of the big losers of 2023 on the SBF120, the active pharmaceutical ingredients specialist's share price having plummeted on March 8 (-21.7%) and October 10 (-59%).

As a reminder, in early March, the former Sanofi subsidiary adjusted its outlook for 2023 and the medium term, citing a "volatile and uncertain" macroeconomic context, alongside the publication of disappointing results for 2022.

Euroapi again revised its 2023 targets downwards in October, now expecting only sales growth of between +3 and +5% and a Core EBITDA margin of between 9 and 11%, but also suspended its outlook for the period 2023-26.

We recognize that it will take some time for the stock to recover in view of the market's loss of confidence, but we would like to point out that the case is not broken," commented Berenberg, which maintained its 'buy' rating on the stock.

Copyright (c) 2023 CercleFinance.com. All rights reserved.