Jefferies analyst Peter Welford downgraded Novartis to Hold from Buy with a price target of CHF 105, down from CHF 110. Recent upgrades leave the firm 1%-3% above consensus sales and profits 2024-2026 albeit still 10%+ higher by 2030. Longer-term upside is mostly on Jefferies’ more bullish outlook for new launches such as Scemblix, Pluvicto & Fabhalta, with Scemblix confidence backed by a proprietary CML physician survey. However, it will take time into 2025 for approvals and ramp-ups to drive wider optimism in trajectory to 2030+, so with the stock greater than +20% year-to-date, the firm moves to the sidelines.
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