Carl Zeiss Meditec AG is rated a "Buy" despite recent operational weakness and geopolitical headwinds, especially in Asia-Pacific and North America. Sales declined 4.8% in Q1, with margin compression and a suspended 2025/2026 outlook due to weak demand across Asia-Pacific and North America. CZMWF now trades at a significant discount to peers, with a 2026 price target of $39.26, implying ~20% upside against a discounted multiple.