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GlaxoSmithKline: near multi-year highs after UBS upgrade

( - GlaxoSmithKline shares return to highs of over 18 years on Thursday, after UBS upgraded the stock from "neutral" to "buy" while raising its target price from 1,610 pence to 1,900 pence.

The British drugmaker is one of the few shares afloat on the FTSE index on Thursday, trading up 0.3% at 1,701.4 pence.

In a note to clients, UBS cites a "positive set up into 2020."

"We think GSK's HIV franchise can return to growth next year and risks in oncology look skewed to the upside" the broker pointed out.

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