Fresenius SE Maintained at Buy as Berenberg Notes 'Increasingly Profitable' Growth Vectors

05:54 AM EDT, 10/23/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Fresenius SE (FRE.F) as analysts took note of the German healthcare company's "increasingly profitable" growth vectors. "The market values Fresenius as a hospital-heavy conglomerate and has not rewarded its shift towards its faster-growing, increasingly profitable growth vectors - biosimilars (Biopharma), Nutrition and MedTech - which are funded by its cash-generative hospital (Helios) and IV generics businesses (Pharma). EBIT of the company's growth vectors overtook Pharma in Q4 2025 and was 16% larger in H1 2026," according to a Friday note. As such, the research firm expects the company's EPS to grow at a high single-digit rate annually over the midterm, with its 2027 estimate 2% above consensus. "Management guides conservatively and has raised guidance on four occasions in two years; therefore, we think risk to consensus is skewed to the upside," Berenberg added. Against this backdrop, Berenberg raised the stock's price target to 54 euros from 50 euros. Meanwhile, near-term catalysts include the group's third-quarter results on Nov. 4, which would include the first Helios Germany month without the surcharge, among others.