(News Bulletin 247) – Oddo BHF raises its recommendation on Novartis from ‘neutral’ to ‘outperformance’ with a price target raised from 90 to 105 Swiss francs, suggesting investors to ‘play the transformation towards a pure player in innovative medicine ‘.
‘Despite the recent rebound, the current valuation (PE 2024 of 12.3 times, or 17% less than the historical median) offers an attractive entry point into a company with a strongly defensive character’, judges the analyst.
He says he appreciates the transformation of the Swiss health group towards a ‘pure player’ in innovative medicine and a growth in results above the sector median, with a CAGR of adjusted EPS 2022/26 of +9.1% against +8, 4% for the sector.
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