Goldman Sachs cuts target for Fresenius Medical Care stock to EUR 38

Published on 10/02/2026 at 15:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

China costs are expected at EUR 110 million in Q3 2026. Fresenius Medical Care stock costs EUR 39.48 on October 2, 2026 versus EUR 39.73.

Vintage Bauhaus-Poster mit geometrischem Tropfen-Motiv, Aufschriften BAD HOMBURG und CARE SINCE 1996 — Ein geometrisches Bauhaus-Poster im Stil der 1920er Jahre mit Tropfen-Motiv, den Aufschriften 'BAD HOMBURG' und 'CARE SINCE 1996' – eine stilisierte Hommage an den Firmensitz und das Gründungsjahr der Fresenius Medical Care AG (ISIN DE0005785802), Illustration mit AI erstellt.

Fresenius Medical Care stock (ISIN DE0005785802) was trading at EUR 39.48 at Lang & Schwarz on October 2, 2026 at 3:40 p.m. CEST, down EUR 0.25 or minus 0.63 percent versus the EUR 39.73 prior close. On September 30, 2026, dpa-AFX reported that Goldman Sachs cut its target from EUR 39.00 to EUR 38.00 while keeping its Neutral rating.

China reset carries a defined charge

Fresenius Medical Care announced its China strategy changes on September 25, 2026, with a more localized product portfolio and greater emphasis on dialysis technology. The company plans to stop local production and sales of the 4008A hemodialysis system and exit its China peritoneal dialysis business, according to Fresenius Medical Care.

The portfolio changes are expected to create EUR 110 million in one-time costs in the third quarter of 2026. China contributes 6 to 7 percent of Care Enablement segment revenue, so the charge is material for the business line but the company said its future China revenue outlook should not be materially affected.

Second-quarter growth was uneven

In the second quarter of 2026, revenue reached EUR 4.861 billion versus EUR 4.792 billion a year earlier, while operating profit rose to EUR 466 million from EUR 425 million. Net profit moved in the opposite direction, falling to EUR 218 million from EUR 225 million, according to VCBeat.

The revenue comparison implies growth of 1.44 percent, while the operating profit comparison implies growth of 9.65 percent. That split helps explain why analysts are concentrating on treatment volumes and operating execution rather than revenue alone.

Analyst targets point lower

Goldman Sachs cited a limited expected increase in treatment volumes and forecast adjusted operating profit of EUR 524 million for the upcoming report, dpa-AFX reported on September 30, 2026.

Berenberg took a more negative step on September 28, 2026, cutting its target from EUR 60.00 to EUR 42.00 and lowering its rating from Buy to Hold. The bank pointed to fading growth impulses and the expected reduction of Fresenius ownership, according to dpa-AFX.

FMC stock remains below yearly high

The Lang & Schwarz price of EUR 39.48 is 17.51 percent below the EUR 47.86 52-week high and above the EUR 34.57 low. The reference price is therefore closer to the lower end of the range than to the yearly peak, while the Goldman Sachs target of EUR 38.00 sits EUR 1.48 below the latest euro quote.

Next report date is November 3

Fresenius Medical Care is scheduled to publish its third-quarter 2026 report on November 3, 2026, according to the company's investor calendar at Fresenius Medical Care. The release will provide the first reported figures after the China portfolio charge is expected to be recognized.

Trading reference for October 2

Fresenius Medical Care stock was trading at EUR 39.48 at Lang & Schwarz on October 2, 2026 at 3:40 p.m. CEST, minus 0.63 percent versus the EUR 39.73 prior close at Lang & Schwarz on October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of Fresenius Medical Care stock.