GS--GS EUROPEAN EXPRESS: New Idea: Buy Lonza | Encore: Buy SSE, ZELA (both on CL), DBKGn |
Lonza – back on track to deliver compounding returns; initiate at Buy – We initiatecoverage on Lonza Group AG with a Buy rating and a 12-month price target of CHF645. Despite performance YTD, we still see scope for further upside, with Lonza
应用介绍
Lonza – back on track to deliver compounding returns; initiate at Buy – We initiate
coverage on Lonza Group AG with a Buy rating and a 12-month price target of CHF
645. Despite performance YTD, we still see scope for further upside, with Lonza
being well-placed to benefit from secular tailwinds, including the increasing
penetration of biologic drugs, increased interest in complex emerging novel
modalities and the increased outsourcing rate of biologic drug manufacturing at the
sector level, driving the company to return to normalised growth levels in 2025, and
overall, returning it to being seen as a high growth compounder. We also anticipate
near-term earnings upside, with an acceleration in growth expected in 2025, with the
Biologics division to post growth above normalised levels. Request call with James
Quigley
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