GlaxoSmithKline: shares climb after Barclays upgrade
(CercleFinance.com) - GlaxoSmithKline shares rose as much as 1.
1 percent after Barclays Capital upgraded the stock to "overweight" this morning, setting a new target price of 1,650 pence.
In a report sent to clients, BarCap justifies its decision due to the stock's derating to five-year absolute P/E lows in 2017.
The broker also thinks that caution regarding optimistic consensus VIIV expectations, pipeline paucity and dividend uncertainty now seem to be "fully priced in."
GSK shares were trading up 0.8% at 1,366.2 pence in late morning trading on the London Stock Exchange, outperforming the FTSE 100 index, which is down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
1 percent after Barclays Capital upgraded the stock to "overweight" this morning, setting a new target price of 1,650 pence.
In a report sent to clients, BarCap justifies its decision due to the stock's derating to five-year absolute P/E lows in 2017.
The broker also thinks that caution regarding optimistic consensus VIIV expectations, pipeline paucity and dividend uncertainty now seem to be "fully priced in."
GSK shares were trading up 0.8% at 1,366.2 pence in late morning trading on the London Stock Exchange, outperforming the FTSE 100 index, which is down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.