Stifel downgraded Sanofi to Hold from Buy with a price target of EUR 95, down from EUR 112. The strategy update accompanying last Friday’s Q3 results was a surprise and sent the share price down significantly, the analyst tells investors in a research note. While Sanofi was selling the start of a new growth phase beginning now, after the loss of exclusivity of Aubagio, 2024 now looks like another transition year, says the firm. It believes Sanofi “is asking for full trust into the building pipeline.” Stifel moved to the sidelines pending more clarity into the upcoming sequence of growth expected beyond 2024.
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