Antti has written a new company report on Bioretec, following these companies’ new “updates”. 
Bioretec updated its strategy and financial targets for 2026–28. The company cut its 2028 revenue target to 10 MEUR (prev. 65 MEUR). The turnaround in earnings has also moved further away, and the company does not expect profitability during the strategy period. We are lowering our forecasts, especially regarding earnings for the coming years. Our target price is lowered to EUR 0.65 (prev. 1.05) and our recommendation is lowered to Reduce (prev. Accumulate) following the forecast changes.