Fresenius Medical Care AG & Co. KGaA (FMS), revenues increased 11.5% y-o-y in 4Q 09, in line with our expectations. However, performance at operating and net level exceeded our expectations in 4Q 09. Going forward, we maintain our positive outlook for the company. However, at current price levels, the company’s ADR looks fairly valued. Hence, we reiterate the ADR a HOLD. We will reassess our target price and rating in our 4Q 09 and FY 2009 update report....

Fresenius Medical Care AG & Co. KGaA (FMS), reported 3Q 09 results, which were in line with our expectations. Its revised guidance for FY 2009 also falls within our expectations. Therefore, our outlook for the company remains broadly unchanged. However, the current price level supports a HOLD rating for the ADR. Hence, we downgrade the ADR from a BUY to a HOLD. We will reassess our target price and rating in our 3Q 09 update report....

Fresenius Medical Care AG & Co. KGaA (FMS), reported marginal y-o-y growth in 2Q 09 revenues, in line with our estimate, while net performance marginally exceeded our expectation. Based on Management's reiterated guidance for FY 2009 and our unchanged outlook, we maintain our BUY rating for the ADR and will reassess our target price and rating in our 2Q 09 update report. We are likely to revert to a 6-12 month investment…