Deutsche Bank downgraded Roche to Sell from Hold with a price target of CHF 235, down from CHF 265. The company has “late and largely undifferentiated” assets in obesity, the analyst tells investors in a research note. The firm hopes the upcoming pharma day will provide “some better grounds for mid-term encouragement,” but with near-term catalysts limited, and it modestly below fiscal 2025 consensus estimates “and obesity now a slow haul at best,” Deutsche thinks some de-rating of the stock is likely after this week.
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