F&P Healthcare downgraded to Sell

F&P Healthcare has worked out better than we expected. With the stock up around 150% from its low, we’re downgrading to Sell.

It feels just like yesterday when we upgraded Fisher & Paykel Healthcare in F&P Healthcare: An awakening on 11 May 11 (Long Term Buy – $2.19), as I keenly remember the criticism it attracted. It was wide ranging, including ‘much larger rival ResMed is the far better business and doesn’t have any net debt while Fisher & Paykel has plenty, ResMed’s products are the gold standard and Fisher & Paykel’s products will always be a poor substitute given its tiny research and development budget, the Aussie dollar will keep increasing and both companies are too expensive anyway’ and so on.



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