First Berlin Equity Research has published a research update on Cantourage Group SE (ISIN: DE000A3DSV01). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 11.00 price target.

Abstract
Cantourage is preparing for a change at the top after CEO Philip Schetter asked to step down from the board for personal reasons before the end of his current term. The transition should be orderly. Mr Schetter will remain fully in charge until a successor is appointed, and support the handover. Ms Monique Jaqqam is expected to stay on as CFO. We also see no indication of any strategic shift. In our view, the more interesting read is the Supervisory Board’s deliberate reference to a “new phase of development” in the news release. We think this could open the door to a successor with deeper pharma credentials and networks as the company continues to evolve. Today’s launch of new cannabis active ingredients for pharmacy compounding fits neatly with that direction and further broadens Cantourage beyond flower-led formats. For now, we see no reason to alter our forecasts recalibrated earlier this month and remain Buy-rated on Cantourage with an €11 TP (102% upside).