Bernstein starts Eurofins at 'market-perform'
** Bernstein initiates Eurofins Scientific EUFI.PA with a "market-perform" rating, citing the ongoing saga with Muddy Waters after the short-seller questioned the French lab testing firm's financial statements
** "Lack of transparency damages what was meant to be a good year," Bernstein says, but is more upbeat about future prospects
** "In our view, the current weak valuation stems solely from the MW allegations and does not reflect future operations," it says
** Eurofins has nonetheless underperformed the commercial & professional services and healthcare equipment sectors, with investors worried about its margins in 2024, it adds
** "We see further margin upside in the US that investors seem to be overlooking right now" - Bernstein
** It sets a PT of 52.8 euros; Eurofins currently trades at around 48.9 euros
** Out of 16 analysts that cover Eurofins, six rate the stock "strong buy" or "buy", five "hold", and five "strong sell" or "sell"
Reporting by Olivier Sorgho
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