Stifel adjusts ratings on European pharma; downgrades Sartorius, Siegfried ahead of H2
** Stifel shares thoughts on European pharmaceutical companies heading into H2; downgrades Sartorius SATG.DE and Siegfried SFZN.S to "hold", citing concerns over growth catalysts and valuation alignment with recent strong performance
** The analyst flags the German supplier of pharma and lab equipment Sartorius' opaque growth drivers and an upcoming CEO transition as reasons for caution, despite top-line growth in line with peers
** Stifel says Siegfried reflects most of the Swiss pharmaceutical company's recent premium performance, adds "sources of surprise are already reflected in its valuation"
** The broker ups Merck MRCG.DE to "buy", following strong results and a solid outlook towards end of the year; expects the German company to be the first to show signs of recovery post-destocking
** It says it continues to view Lonza LONN.S favourably, with a "hold" rating, reflecting cautious optimism about Swiss drugmaker's Vacaville's consolidation
Reporting by Elizaveta Gladun
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