Barclays has downgraded Carl Zeiss Meditec to "equal weight" from "overweight" following the company's withdrawal of its FY26 guidance. The bank cited increased uncertainty after the medical technology group pulled its financial outlook just weeks after issuing it. The price target was slashed to €32 from €49, reflecting weaker near-term performance.

This decision comes after a turbulent period for Carl Zeiss Meditec, including a CEO departure and a temporary loss of registration for a product in China. Barclays analysts now forecast lower EBITA for FY26. Concerns also arise from China's volume-based procurement program, which could further pressure earnings. Investors are watching closely.

Barclays acknowledged potential in the Refractive and Microsurgery businesses but stressed the need for clarity on leadership and guidance. The firm's equal-weight rating reflects a balanced view of risks and opportunities. Until the uncertainty around earnings and strategy eases, the stock is expected to perform in line with its peers.

This downgrade reflects the challenges facing the medtech industry, including regulatory hurdles and the need for strong leadership. The absence of a permanent CEO and the pullback of guidance create a difficult environment for investors. Future performance will depend on the company’s ability to navigate these challenges.