Euroapi fell back again on the Paris Bourse on Tuesday, after Deutsche Bank lowered its recommendation to "sell" from "hold", the intermediary regretting the lack of details on the group's strategy update last week.

On the Paris Bourse, at around 09:38 GMT, the active pharmaceutical ingredients manufacturer's shares were down 8.2%, having plunged by around 12% in early trading.

Last week, when publishing its annual results, Euroapi said it was targeting an Ebitda margin of between 6% and 9% for 2024, 38% below the company's consensus. The company also anticipated a decline in sales for 2024 of between 4% and 7% on a comparable basis.

These forecasts caused Euroapi's share price to fall by 43.3% on Thursday alone.

Deutsche Bank said it was "disappointed" by the lack of quantitative details on the FOCUS-27 project.

"Further details on cost savings targets, financing and potentially new medium-term objectives are expected to be shared in the second quarter, but are unlikely to generate enthusiasm, in our view," says the intermediary.

"Operational visibility remains low, and restructuring expenses and investment needs could lead to additional cash requirements," adds Deutsche Bank.

(Written by Lina Golovnya, edited by Blandine Hénault)