Invest Securities has reiterated its 'buy' rating on Grifols, with an adjusted target price of €17 to €16, following the publication of a report by the Spanish plasma-based pharmaceuticals specialist, which highlighted 'a largely insufficient operational surge'.

The research firm points out that 'the market has heavily penalized (-35%) the presentation of uncertified accounts in a context of strong mistrust, a more costly restructuring plan and higher CAPEX in 2024, strongly affecting FCF 2024'.

Invest Securities nevertheless remains confident in the Group's ability to emerge from this crisis, believing in particular that 'the effective disposal of SRAAS is on the right track, which will facilitate debt refinancing, and the reservoir of growth is colossal'.

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