---
title: "研究警報：CFRA 維持對 Fresenius Medical Care 廣告的賣出評級"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/285313319.md"
description: "CFRA 對 Fresenius Medical Care (FME) 維持 “賣出” 評級，將目標價從 21 美元調整至 19 美元，原因是與高超額死亡率相關的長期增長不確定性。2026 年第一季度收入下降 5.5%，儘管有機增長為正，達到 3.9%。運營利潤率有所改善，得益於成本節約和新系統的推出。儘管重申了 2026 年的指導方針，但美國治療增長的挑戰和量恢復的不確定性仍然令人擔憂。2026 年和 2027 年的每股收益預期已下調"
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)
---

# 研究警報：CFRA 維持對 Fresenius Medical Care 廣告的賣出評級

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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- [FMS.US](https://longbridge.com/zh-HK/quote/FMS.US.md)
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