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GSK: UBS downgrades stock

( - UBS has downgraded GlaxoSmithKline (GSK) shares to "sell" (from "neutral"), having reduced its target price for them to 1,300 pence (from 1,820 pence), as the broker said it sees "uncertain times ahead" for the British pharmaceutical company.

"As Shingrix will exhaust its US patient pool at a similar time as dolutegravir loses its patent protection, a big part of GSK's earnings could be at risk," it warns in its summary.

The market agrees, with the share down 5% this morning.

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