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Novartis: Berenberg reiterates 'buy' rating

( - 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.

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