Carl Zeiss Meditec (CZM) remains a global leader in ophthalmic and microsurgical technologies, supported by secular growth drivers such as ageing demographics and rising vision disorders. Despite cyclical headwinds in hospital spending and macro uncertainties, the business benefits from a resilient, growing base of recurring revenues. New platforms like KINEVO and VISUMAX, coupled with a good order backlog, provide near-term momentum. While management maintains a cautious FY outlook, current valuation appears compelling after a sharp stock decline by c. 15% since mid-May. With the share price now well below our EUR 65.00 target, mwb research’s analysts upgrade the rating from HOLD to BUY, anticipating margin recovery and product-driven growth. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405   Reason for the research: Update Recommendation: Buy from: 24.06.2025 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni Q1-25/26: strong increase of sales, earnings and cash flowHORNBACH Holding started strong into the current business year; in our [ … ]

Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 24.06.2025 Target price: EUR 4.30 (previously: EUR 4.90) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Vidac Pharma recently announced encouraging pharmacokinetic r [ … ]

Company Name: PFISTERER Holding SE ISIN: DE000PFSE212   Reason for the research: Research study (Initial Coverage) Recommendation: BUY Target price: 48.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32900.pdf Co [ … ]

Company Name: Netfonds AG ISIN: DE000A1MME74   Reason for the research: Update Recommendation: Buy from: 24.06.2025 Target price: EUR 78.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong start into FY25 // Guidance upgrade; chg Netfonds reported promising Q1 figures indicating that the  [ … ]

Stratec’s inclusion in the SDAX on June 25, 2025, enhances its visibility ahead of the mwb research Health Care Conference on July 1, where CEO Markus Wolfinger will outline the company’s strategic direction. The event offers timely insight into Stratec’s shift toward high-margin, service-based revenues and platform development. Investors are encouraged to register here: research-hub.de/conference/health-care-conference. As management confirmed its FY25 guidance, with an adjusted EBIT margin of 10–12%, mwb research’s analysts maintain their BUY rating and reaffirm their EUR 32.50 price target, implying an attractive upside. The analysts believe, the SDAX entry could act as a catalyst for increased investor attention and a rerating of the shares. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Verbio’s removal from the SDAX on June 23 triggered some short-term technical selling and reduced liquidity from index-tracking funds. However, despite the announcement on June 4, the share price rose by more than 20%, suggesting the market viewed this as a temporary dislocation. Meanwhile, US policy momentum in June 2025, driven by higher Environmental Protection Agency (EPA) biofuel mandates and regulatory clarity, aligns well with Verbio’s strategy. The company’s Nevada-based RNG and bioethanol facility stands to benefit from stronger demand and domestic supply preferences. With deep expertise in biofuels and vertical integration, Verbio is well positioned for growth. While European operations remain stable, the US expansion offers the clearest nearterm upside. US regulatory support and full-scale ramp-up in Nevada could be key catalysts for re-rating. mwb research’s analysts reiterate their BUY rating and maintain their PT of EUR 15.00. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Management Interview Recommendation: Buy Target price: 0.311 USD Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker   GBC AG: The Tiegba project marks Desert Gold’s expansion into the Republic of Côte d’I [ … ]

Company Name: CLINUVEL Pharmaceuticals ISIN: AU000000CUV3   Reason for the research: Research Update Recommendation: Buy from: 23.06.2025 Target price: 22.00 AU$ Target price on sight of: 12 month Last rating change: none Analyst: Thomas Schiessle, Daniel Großjohann CEO Dr. Philippe Wolgen back on board – SCENESSE® [ … ]

Nagarro SE will be included in the TecDAX on 25 June 2025, replacing CompuGroup Medical. The index re-entry enhances visibility and could attract ETF-related inflows. However, Accenture’s recent bookings decline highlights a more cautious enterprise IT spending environment, particularly for discretionary and transformation-led projects. As a result, mwb research’s analysts revise their sales and EBIT estimates downward to reflect softer demand in horizontal tech and early-phase digital engagements. In contrast, verticals like Automotive and Travel remain resilient. Nagarro continues to execute on capital returns and growth, supported by a EUR 400m buyback and its first-ever dividend. At 11.5x P/E and 6.6x EV/EBITDA (2025E), valuation remains attractive. mwb research’s new price target is EUR 92.00 (previously EUR 97.00), reflecting a more balanced near-term view. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE