Novartis: Berenberg reiterates 'buy' rating
(CercleFinance.com) - Berenberg reiterated its "buy" rating on Novartis on Monday, with a target price of 96 Swiss francs, ahead of the drugmaker's annual investor meeting tomorrow.
This virtual event will include an update on progress in its pipeline, as well as individual business units, new medicines, oncology and generic unit Sandoz, the broker said.
"It is clear that while many investors agree that Novartis's valuation looks attractive, there is a general lack of enthusiasm, particularly with regard to the pipeline," Berenberg pointed out.
"Following the disappointments of Beovu and Zolgensma intrathecal, investors need reassurance that Novartis can deliver the pipeline regeneration necessary to offset upcoming patent expiries," it wrote in the note.
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.