Novartis price target raised to CHF 104 from CHF 97 at BofA

BofA raised the firm’s price target on Novartis to CHF 104 from CHF 97 and keeps a Buy rating on the shares as the firm raised out-year EPS estimates following the NATALEE trial of Kisqali having met its primary endpoint at the second interim analysis and being stopped early. Based on the trial result, the firm is increasing its view of the probability of sales in early/adjuvant breast cancer to 75% from 25% in intermediate-risk patients and to 75% from 50% in high-risk.