Goldman Sachs analyst James Quigley downgraded Novartis to Neutral from Buy with a price target of $121, up from $119. The firm cites the stock’s solid recent share price performance, consensus catching up to its earnings estimates, and limited value driving innovation catalysts in the near-term for the downgrade. With consensus estimates now in line with Goldman’s forecasts and a “pause in value driving news flow” until mid-2025, the analyst sees limited scope for further significant share upside over the next 12 months.
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