Novartis: Oddo cautious, still on hold - cuts TP

(CercleFinance.com) - Novartis' quarterly publication was finally pretty unsurprising, confirming the trends observed in recent quarters, Oddo said.


The analyst also believes that the lack of catalysts in the near term will not lead to a rapid recovery in the stockmarket, despite an increasingly attractive valuation.

Taking into account the increase in the annual guidance - with growth of between 10% and 15% at constant exchange rates - Oddo has raises its FY EPS estimate by 1.1%.

However, in a context of uncertainty heightened by the US election next week, Oddo is cautious on the stock, maintaining its "neutral" recommendation on it, while reducing its target price from 93 Swiss francs to 89 Swiss francs.

This caution is reflected by the market, with the share currently down 1%.


Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.