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Novartis: Jefferies still a buyer, confirms target price

(CercleFinance.com) - Jefferies maintains its buy rating on Novartis shares, along with its target price of 100 Swiss francs.


"Rapid changes from ongoing reorganisation clearly evident," the analyst begins, citing reduced spending in non-priority areas as an example. But "limited clarity on divestments vs cash cows".

For Jefferies, it is necessary to act quickly "to cut headcount by Nov to minimise disruption, and S&M benefit from shift to one portfolio including oncology, tailored by country".

"2024 P/E 11x & 4% divi yield, plus still $8bn buyback," Jefferies adds, "suggests to us limited downside vs. room for mid-term cons upgrades and an improving catalyst path".

Novartis' stated goal of moving from No. 10 to No. 5 in the US by 2027 seems "ambitious" the analyst says, who nevertheless notes the company's desire to focus on the US market.


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