FMC slides after Berenberg cuts to 'hold' on weak US volume growth

** Fresenius Medical Care FMEG.DE shares fall nearly 3% in early Frankfurt trade as Berenberg cuts the kidney care products and services provider to "hold" from "buy," citing weak US treatment growth

** US same-market volumes fell 0.9% in the second quarter after declining 0.4% in Q1, versus Berenberg's long-term growth assumption of more than 2%

** "We think that evidence of positive US treatment growth is needed for a re-rating, but visibility is limited and it will likely take at least several quarters to emerge," the brokerage says

** Berenberg sees Fresenius SE's remaining 25% stake as limiting further upside

** It notes, however, FMC has executed its FME25+ transformation programme well, delivering about €920 million of its €1.2 billion savings target

** The brokerage cuts target price to €42 from €60, implying 3.8% upside from Monday's close of €40.45

($1 = 0.8803 euros)