Grifols "overweight," target price raised

08/20/08 - J.P. Morgan Securities

LONDON, August 20 (newratings.com) - Analysts at JP Morgan maintain their "overweight" rating on Grifols SA (OZT), while raising their estimates for the company. The target price has been raised from €20.75 to €21.25.

In a research note published this morning, the analysts mention that the company is expected to report healthy 1H results, with EPS of €0.29. Grifols is selling all its plasma products and its diagnostics business is likely to recover in 3Q, the analysts say. The EPS estimate for 2009 has been raised from €0.79 to €0.80 to reflect reduced cost expectations for plasma acquisitions.