GSK: Liberum cuts target price, but still a buyer.
(CercleFinance.com) - Liberum has cut its target price on the GlaxoSmithKline stock from 1,900 pence to 1,760 pence, while maintaining its "buy" rating.
In a research report, the investment bank said that the biopharmaceutical company's shares had been "beaten up for no good reason".
"GSK is off around 10% versus EU pharma (in dollars) since the end of May, despite stronger fundamentals,” Liberum writes in the report.
“We think concerns on respiratory pricing and R&D have unfairly weighed on the shares,” it adds.
Given that GSK could have a blockbuster in multiple myeloma worth up to 160 pence a share, valuation looks compeling, Liberum said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a research report, the investment bank said that the biopharmaceutical company's shares had been "beaten up for no good reason".
"GSK is off around 10% versus EU pharma (in dollars) since the end of May, despite stronger fundamentals,” Liberum writes in the report.
“We think concerns on respiratory pricing and R&D have unfairly weighed on the shares,” it adds.
Given that GSK could have a blockbuster in multiple myeloma worth up to 160 pence a share, valuation looks compeling, Liberum said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.