Novartis: J.P. Morgan downgrades to 'underweight'

(CercleFinance.com) - J.
P. Morgan has downgraded the Novartis stock to "underweight," with a target price of 89 Swiss francs, saying that the stock is now trading at close to its fair value.

In a note to clients, the broker said the shares offer low upside in 2019, given the group's growth outlook and risk around many of the major pipeline events this year.

"Ahead of the upcoming spin out of Alcon, we see the Novartis share price appropriately capturing the value of Alcon," it added.

Novartis shares are not trading today, with the Swiss Stock Exchange closed for another day after the new year.


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