资源描述：
《瑞信-美股-医疗保健行业-美国生命科学与诊断2020年展望-2020.1.8.pdf》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、8January2020EquityResearchAmericas
2、UnitedStatesLifeScienceTools&DiagnosticsYearAheadOutlook2020–TopIdeas:XRAY,LH,IQV,andCHWYLifeScienceToolsandDiagnostics
3、SectorForecastWecontinuetoviewlessconventionalnamesasanattractiveplayinhealthcare,particularlyasResearchAnalystsweheadintoaUSP
4、residentialelectionyear,wherehealthcareaccessanddrugpricingwillremainkeytopicsofdebate,drivingheightenedheadlineriskandvolatilityforassociatednames,ErinWilsonWrightincludingDrugDistributors.Inthiscontext,wefavorAnimalHealth,asectorinherently2125384080shieldedfromtraditionalhumanhe
5、althdynamics,whereunderlyingfundamentalsremainrobusterin.wright@credit-suisse.comonhealthypetadoptions,“humanization”ofpets,andmarket-expandinginnovation,withtheKatieTryhaneembraceofnewalternativechannelsalsoofferingsupport.ForDental,ourfocusisonrenewed2123252713innovationefforts,
6、whichshouldoffercompany-specificcatalysts,particularlyrelevantinastillkatie.tryhane@credit-suisse.comlackluster,albeitseeminglystabilizing,NorthAmericaendmarket.Meanwhile,biotechfundinglevelsremainelevated,atrendthatshouldsupportgrowthacrosslarger,diversifiedCROs,HaleyChristofides
7、offeringattractive,alternativebiopharmaexposure,shelteredfrombinaryoutcomesinherentin2123253720haley.christofides@credit-suisse.comdrugdevelopment.Lastly,acrossourcurrentLifeSciences&Diagnosticscohort,wefavorcompanieswithmorediversifiedplatforms,whichshouldoffermultipleleversforgr
8、owth.Below,MatthewUrbikwesummarizeourbestideasacrossourbroadcoverageuniverseheadinginto2020.2123252152matthew.urbik@credit-suisse.com■DentalTopPick—DentsplySirona(XRAY):XRAY’smanagementhasdemonstratedbuildingtractiononitsturnaroundstorywithanaggressiverestructuringplanandsteppedup
9、innovationnowmoremeaningfullymaterializingasweheadinto2020,andweviewitwillcontinuetoreaprewardsfromtheseinitiativesin2020andbeyond.■AnimalHealthTopPick—Chewy,Inc.(CHWY):Astheleaderinpete-commerce,CHWYiswellpositionedamidarobustpetcareindustry,withanexpandingcustomerbase,uniquecust
10、omerengagement,andconsiderableAut
