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Novartis: UBS cuts target price

( - In short, the analyst has little confidence in the group's growth aspirations, therefore confirming neutral rating on the stock, with a lowers target price of 80 Swiss francs (vs.
86 Swiss francs previously).

"We re-examined our investment thesis with a focus on Innovative Medicines but lack enough confidence in its growth prospects to justify a re-rating," UBS says.

Vas Narasimhan, Novartis' chief executive, said the company was targeting average annual revenue growth of around 4% by 2027.

Its core operating margin should be at least 40% over the medium-to-long term.

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