Sanofi: Oddo maintains buy rating, adjusts target price

(CercleFinance.com) - Oddo BHF has reinstated its "buy" rating on the Sanofi share, while trimming its corresponding target price from 103 euros to 100 euros, in a report on major European pharmaceutical companies for which it is keeping its sector hierarchy unchanged.


Pointing out the reforms that Joe Biden could implement, even if it should be difficult to pass through all the measures in the current context of health and political crises, the broker believes that uncertainty could continue to weigh momentarily on the sector.

However, the multiples of the six Big Pharma companies that the broker tracks, have become attractive again (median discount of 23% in 2022 P/E relative to the Stoxx 600 index), with earnings growth remaining solid (median 20-24 EPS growth 7.3% p.a.), it says.

The Sanofi share is currently pretty flat at just over 81.5 euros.


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