GlaxoSmithKline: UBS maintains 'buy', updates estimates
(CercleFinance.com) - UBS maintains its "buy" rating on GlaxoSmithKline, with a target price of 1,700 pence, after updating its estimates following the group's acquisition of US cancer specialist Tesaro and the consumer health joint venture with Pfizer.
While the former is dilutive on the drugmaker's net present value (NPV), the latter is accretive, the broker said in a note.
Anyhow, "we see limited upside from a breakup valuation," UBS writes in its report.
Copyright (c) 2019 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.
While the former is dilutive on the drugmaker's net present value (NPV), the latter is accretive, the broker said in a note.
Anyhow, "we see limited upside from a breakup valuation," UBS writes in its report.
Copyright (c) 2019 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.