Medical device company FPH swung around dramatically into and out of COVID. The stock is not cheap, trading at 52x for FY 2024, especially as it experiences slower gross margin recovery and lower Hospital consumable sales. The stock looks “ok” value trading ~$20, it’s not compelling to us.
- We can see FPH testing $25 if the sector rallies but it doesn’t look likely to advance under its own steam.
MM is neutral to cautiously bullish FPH into 2024
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