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Ipsen: Oddo maintains buy rating, but cuts TP

( - Oddo BHF reinstates its "buy" recommendation on the Ipsen stock, while cutting its corresponding target price from 94 euros to 89 euros, following a CMD at which the group presented its strategic initiatives and the components of the group's trajectory through to 2024.

The broker points out that Ipsen's management wants to enrich its pipeline by increasing its investments in R&D, and by making asset acquisitions, with an estimated budget of three billion euros over the duration of the plan.

However, Oddo warns that a strategy that is very much focused on external growth in pharmaceuticals may lead to fears of high acquisition prices or a risk to the quality of the target, although its opinion remains dominated by the positive aspects of the case.

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