Goldman Sachs initiated coverage of GSK with a Neutral rating and $47 price target. GSK is in the midst of transition from conglomerate to an innovation-focused specialty medicines/vaccines company, which could drive a re-rating of a stock that has traditionally traded at the lower end of the sector average, the analyst tells investors in a research note. However, the firm believes the company’s pipeline delivery excluding vaccines will be required to provide the market with comfort that the transformation is on track and long-term targets are achievable.
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