Berenberg Bank Issues Pessimistic Forecast for ConvaTec Group (LON:CTEC) Stock Price

Key Points

• Berenberg Bank lowered ConvaTec Group’s price target from GBX 340 to GBX 335 but maintained a “buy” rating, implying 53.39% upside from the prior close.
• Analyst sentiment remains favorable overall, with eight “buy” ratings and one “hold”; the consensus rating is “Moderate Buy” with an average target of GBX 305.44.
• ConvaTec shares opened at GBX 218.40, while insider Tobias Hestler recently purchased 50,000 shares for approximately £113,000.

ConvaTec Group (LON:CTEC - Get Free Report) had its price objective cut by equities research analysts at Berenberg Bank from GBX 340 to GBX 335 in a research report issued to clients and investors on Friday, London Stock Exchange reports. The brokerage currently has a "buy" rating on the stock. Berenberg Bank's target price would indicate a potential upside of 53.39% from the company's previous close.

Several other research firms have also recently commented on CTEC. Royal Bank Of Canada restated an "outperform" rating and set a GBX 315 price target on shares of ConvaTec Group in a report on Monday, August 3rd. Peel Hunt reiterated an "add" rating and issued a GBX 270 price objective on shares of ConvaTec Group in a research note on Tuesday, August 4th. JPMorgan Chase & Co. cut their target price on shares of ConvaTec Group from GBX 307 to GBX 294 and set an "overweight" rating for the company in a research report on Friday, May 22nd. Citigroup decreased their target price on shares of ConvaTec Group from GBX 250 to GBX 230 and set a "neutral" rating for the company in a research note on Monday, May 18th. Finally, Jefferies Financial Group restated a "buy" rating and set a GBX 300 price target on shares of ConvaTec Group in a report on Wednesday, August 5th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of GBX 305.44.

ConvaTec Group Price Performance

Shares of CTEC opened at GBX 218.40 on Friday. The company has a market capitalization of £4.24 billion, a price-to-earnings ratio of 35.23, a P/E/G ratio of 0.93 and a beta of 0.77. ConvaTec Group has a fifty-two week low of GBX 193 and a fifty-two week high of GBX 259.30. The company has a debt-to-equity ratio of 121.83, a current ratio of 1.93 and a quick ratio of 0.96. The business's 50-day moving average is GBX 224.13 and its 200-day moving average is GBX 220.95.

Insider Buying and Selling

In other ConvaTec Group news, insider Tobias Hestler acquired 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average price of GBX 226 per share, with a total value of £113,000. Corporate insiders own 0.98% of the company's stock.

ConvaTec Group Company Profile

ConvaTec Group PLC engages in the development, manufacturing, and sale of medical products, services, and technologies in Europe, North America, and internationally. The company offers advanced wound dressings and skin care products for the management of acute and chronic wounds resulting from various conditions, such as diabetes, and acute conditions resulting from traumatic injury and burns. It also provides ostomy care solutions, including devices, accessories, and services for people with a stoma resulting from colorectal cancer, inflammatory bowel disease, and bladder cancer.

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