Goldman Sachs upgrades Shionogi and Chugai to Buy, while downgrading Olympus to Neutral, citing valuation changes and sector performance shifts. The report maintains a preference for pharmaceuticals over medical devices due to recent price corrections.
Key Takeaways
- 1.Upgraded Shionogi and Chugai Pharmaceutical to Buy; downgraded Olympus to Neutral.
- 2.Pharmaceutical stocks preferred over medtech due to price corrections despite solid fundamentals.
Table of Contents
- Sector share price trends and focal points
- Medtech recovers sharply post-results
- Pharmaceuticals
- Medtech
- Healthcare Services/Technology
- SMID biotech
- Olympus: Downgrade to Neutral with recent solid earnings priced in; enter a wait-and-see phase on effects of new management strategy
- Review of share price performance
- Valuation
- Our estimates vs. consensus
- Key risks
- Disclosure Appendix
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Authors
Akinori Ueda, Ph.D.Tomo Taniguchi
Securities
4507.T4519.TOlympus
Themes
Healthcare Sector RotationMedtech Valuation RecoveryRegulatory/QA Risks
Regions
Asia PacificJapanUnited StatesChina
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