---
title: "Research Alert: CFRA Keeps Sell Opinion On Ads Of Fresenius Medical Care"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285313319.md"
description: "CFRA maintains a 'Sell' opinion on Fresenius Medical Care (FME), adjusting the target price to USD19 from USD21 due to long-term growth uncertainties linked to high excess mortality rates. Q1 2026 revenue fell 5.5%, although organic growth was positive at 3.9%. Operating margin improved, supported by cost savings and new system rollouts. Despite reaffirming 2026 guidance, challenges in U.S. treatment growth and uncertainty in volume recovery remain concerns. EPADS estimates for 2026 and 2027 have been adjusted downward."
datetime: "2026-05-06T04:55:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285313319.md)
  - [en](https://longbridge.com/en/news/285313319.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285313319.md)
---

# Research Alert: CFRA Keeps Sell Opinion On Ads Of Fresenius Medical Care

12:55 AM EDT, 05/06/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We adjust our target price to USD19 from USD21, implying 8.2x of our 2026 EPADS, below its three-year historical forward P/E of 12.9x to reflect the long-term growth uncertainty on the back of the still elevated excess mortality rate. FME's Q1 2026 revenue fell 5.5% mainly due to currency headwinds, with organic growth remaining positive at 3.9%, while the operating margin (excluding special items) improved 0.7%-pts. The results were supported by FME25+ savings, the rollout of the 5008X CAREsystem, and the TDAPA reimbursement tailwinds. However, the U.S. same market treatment growth remained challenged, hit by missed treatments. FME reaffirmed its 2026 guidance, with 1H expecting to be stronger before TDAPA benefits phase out in 2H. We adjust our EPADS estimates to EUR1.98 from EUR2.03 for 2026 and to EUR2.16 from EUR2.20 for 2027 to account for the results. While the sustained FME25+ cost savings is positive, the timeline for U.S. same market volume recovery remains uncertain, which we see as a key concern.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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