SGS : Stifel downgrades its recommendation
The broker cuts its projections for the Swiss group by 2-6% over the next three years, to around 5% below consensus, reflecting a more difficult context in consumer end-markets and negative currency effects.
Stifel expects average annual adjusted EPS growth of only around 2% over 2022-25 for SGS, continually underperforming its peers, and considers its perception of a defensive growth profile to be 'overestimated'.
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