Jefferies analyst Peter Welford last night downgraded Roche to Hold from Buy with a price target of CHF 325, down from CHF 375. Tiragolumab seems to have become the "next binary clearing event" in January or February, Welford tells investors in a research note. The analyst sees "signs of unease and frustration" around Roche’s R&D productivity, with most 2023 readouts "incremental opportunities for existing drugs rather than new blockbusters." Roche has a "tougher 2023 catalyst path," writes Welford.
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