In a note to clients, Liberum’s analysts said: “The addition of MedicX’s best in class assets complements an already high-quality portfolio and accelerates benefits of scale”
Liberum Capital has pulled back its rating for () to ‘hold’ from ‘buy’ on valuation grounds following the recent completion of its merger with MedicX.
The City broker has cut its stance for the FTSE 250-listed firm despite raising its target price to 130p from 125p, with the shares currently trading at 127.20p, down 1.2% on Friday’s close.
In a note to clients, Liberum’s analysts said: “The addition of MedicX’s best in class assets complements an already high-quality portfolio and accelerates benefits of scale.”
They added: “We believe the enlarged group is well placed to profit from an increasing shift towards primary healthcare as well as growth opportunities in Ireland.”
However, the analysts noted that a 16% rise in PHP’s share price in the year-to-date has left the shares looking fairly valued.
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