Morgan Stanley analyst Mark Purcell upgraded Novartis to Equal Weight from Underweight with a price target of CHF 98, up from CHF 93. The analyst expects European Union biopharma to offer a “safe haven” from weakening growth and higher real yields. The firm continues to favor growth and innovation narratives in biopharma over the long-term, and expects investors to reward earnings upgrade stories Novo Nordisk, Novartis, AstraZeneca in the near-term.
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