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UBS downgrades Mediclinic after price recovers from low
UBS downgraded Mediclinic to 'neutral' from 'buy' as the risk-reward ratio "now looks more balanced" and the stock recovered from its low in November.
In late November, with the stock hitting an all-time low after falling more than a third since the start of 2017, the Swiss bank had lifted its rating on the stock as it felt structural and other challenges such as doctor numbers in UAE, tariffs and patient mix in Switzerland were baked in and "we thought an inflection point was near" and market expectations for long-term margins in Switzerland and Abu Dhabi were felt to have become overly cautious.
"We believe expectations for long-term margins now appear more reasonable/optimistic," UBS moved its rating back as it looked for "further evidence of operational delivery to turn more positive".
However, analysts increased their earnings per share estimates by around 4-6% due to forex adjustments and so hiked the price target to 650p from 600p.
In late November, with the stock hitting an all-time low after falling more than a third since the start of 2017, the Swiss bank had lifted its rating on the stock as it felt structural and other challenges such as doctor numbers in UAE, tariffs and patient mix in Switzerland were baked in and "we thought an inflection point was near" and market expectations for long-term margins in Switzerland and Abu Dhabi were felt to have become overly cautious.
"We believe expectations for long-term margins now appear more reasonable/optimistic," UBS moved its rating back as it looked for "further evidence of operational delivery to turn more positive".
However, analysts increased their earnings per share estimates by around 4-6% due to forex adjustments and so hiked the price target to 650p from 600p.
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Mediclinic International (MDC) share price |
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