JPMorgan analyst Richard Vosser upgraded Novartis to Neutral from Underweight with a price target of CHF 85, up from CHF 78. The analyst continues to see a "bifurcation" in European pharma company outlooks in 2023, both in terms of pipeline readouts and longer-term where "genericisations again need to be navigated." As such, he would avoid companies like GSK and Roche, seeing downside to 2023 consensus estimates and "potentially challenged" 2025-2030 outlooks. Vosser continues to favor companies "which have sustainably higher growth" and "far more" pipeline data points, new launches to drive estimate upgrades.
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Published first on TheFly
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