(News Bulletin 247) – Berenberg announced on Tuesday that it had lowered its recommendation on Roche, from ‘buy’ to ‘hold’ with a price target reduced from 320 to 290 Swiss francs.

‘Roche undeniably offers advantages in terms of valuation, with a stock market price that trades below the value of its market assets’, underlines the design office in a note published in the morning.

‘Despite this, the catalysts likely to unleash value creation remain nebulous,’ believes Berenberg, however.

‘The recent acquisitions are encouraging to say the least, but it would take a much more significant operation to bolster hopes for a real revival of the pipeline,’ he concludes.

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