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Sanofi: UBS raises target price

( - On Thursday UBS raised its target price for Sanofi shares, saying it expects "double-digit growth" in EPS from the company's operations this year.

The broker - which has nudged up its target price from 116 euros to 117 euros - justifies its optimism by the strong growth in the US of prescriptions for Dupixent, the treatment for atopic dermatitis developed by the laboratory.

UBS says that the drug's sales could eventually exceed 15 billion euros, compared with a current forecast of around 10 billion euros.

It adds that Dupixent's potential could be realised this year with new developments expected from the biopharmaceutical group in the coming months.

UBS maintains a buy recommendation on Sanofi shares, making it one of its "top picks" amongst European big cap stocks.

The share is currently pretty flat at around 88 euros this morning.

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