BofA downgraded Roche (RHHBY) to Neutral from Buy with a price target of CHF 290, down from CHF 360. AstraZeneca’s (AZN) upcoming Enhertu data could be a material risk to CHF 6B in Roche breast cancer sales across Herceptin/Perjeta/Phesgo/Kadcyla, which is not reflected in consensus estimates, the analyst tells investors in a research note. The analyst also sees limited catalysts for Roche in the next 12-18 months.
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