Credit Suisse initiates coverage of Sartorius Stedim Biotech, a supplier to the pharmaceutical industry owned 72% by the German Sartorius Group, with a 'neutral' opinion and a price target of 360 euros.

While it 'appreciates the long-term growth potential of the bioprocessing and laboratory products markets', the broker believes that 'the valuation is in line with events after the share's significant rally since the beginning of the year'.

Credit Suisse's earnings estimates for 2023 are 7.5% below consensus, but it expects management to improve its medium-term sales forecasts and reiterate its margin targets.

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