Jefferies downgraded Novartis to Hold from Buy with a price target of $123.50, up from $122.50. The firm remains more bullish than consensus on the company’s longer-term growth trajectory, mostly on optimism in new launches Scemblix, Pluvicto and Fabhalta. However, with the shares up 20% year-to-date, Jefferies downgrades Novartis, saying it will take time into 2025 for approvals and ramp-ups to drive wider investor optimism on its growth trajectory to 2030 and beyond.
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