<div id="readability-page-1"><p>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:</p><p>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.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

<p>CFRA 对 Fresenius Medical Care (FME) 维持 “卖出” 评级，将目标价从 21 美元调整至 19 美元，原因是与高超额死亡率相关的长期增长不确定性。2026 年第一季度收入下降 5.5%，尽管有机增长为正，达到 3.9%。运营利润率有所改善，得益于成本节约和新系统的推出。尽管重申了 2026 年的指导方针，但美国治疗增长的挑战和量恢复的不确定性仍然令人担忧。2026 年和 2027 年的每股收益预期已下调</p>

研究警报：CFRA 维持对 Fresenius Medical Care 广告的卖出评级