Broker Upgrades Rating For Schering AG
Schering AG's rating has been upgraded from market underperformer to market performer by analysts Mark Tracey and John Murphy at Goldman Sachs, based on the firm's surging 1996 first-half performance (Marketletter August 12).
They have raised their rating and increased their forecasts for the firm's earnings per share. For 1996, EPS is now forecast at 5.38 Deutschemarks ($3.64), in 1997 it is expected at 6.50 marks, and 7.23 marks in 1998.
The analysts said that the performance by Schering's AgrEvo agrochemical business was better than expected, and there have been some excellent strategic moves - such as the Leiras acquisition which will be consolidated on October 1 - which highlight the management's strong focus on its core therapeutic areas of diagnostics and fertility/hormone replacement therapy, and its willingness to convert its cash into higher returning operating assets.
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