GSK downgraded to Neutral from Buy at Guggenheim

Guggenheim analyst Seamus Fernandez downgraded GSK (GSK) to Neutral from Buy without a price target following the Q3 report. While the company’s guidance appears achievable and it is a “reasonable defensive pharma to own” with a low multiple and solid dividend, limited upside in pipeline catalysts and 2025 estimates “makes it increasingly challenging for us to recommend that investors put new money to work in GSK until pipeline visibility improves materially,” the analyst tells investors in a research note.