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Roche: Oddo adjusts target price.

(CercleFinance.com) - Oddo has reiterated its "buy" recommendation on the Roche stock, while trimming its target price from 278 Swiss francs to 284 Swiss francs, in the wake of a 2% to 3% reduction in its medium-term EPS sequence for the health group (3-to-5 years).

The broker's analysts have reviewed their sales estimates for Roche's three star products (Rituxan, Herceptin, Avastin), although believe that the Swiss group has a portfolio of very promising new molecules, citing Tecentriq, Ocrevus and Hemlibra.

The analyst who tracks the stock says that UBS' estimates are more conservative than the consensus on the historic franchise, although are more aggressive for new products, adding that Roche's 2019 P/E works out at 14.2x, against 13.6x for the sector (i.e. a premium of 4%).

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