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Roche: Liberum upgrades to 'buy'.

(CercleFinance.com) - Liberum has upgraded its rating on Roche from "hold" to "buy" - increasing its target price for the share from 250 Swiss francs to 279 Swiss francs - saying that the Swiss firm's R&D is "clearly undervalued.

In a research report sent to clients, the British broker says that Monday's data on Tecentriq and Hemlibra leads to an 8% upgrade in its medium-term earnings forecasts.

From its viewpoint, these two products, combined with Ocrevus, constitute a new "Big 3" that can deliver long-term growth.

"Despite the 6% increase on Monday, the shares are still down 6% since our March initiation (underperforming preferred Novartis by 17%)," the broker points out in the report.

Liberum underlines that at its current price, the share implies zero value creation from R&D.

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