Sanofi downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank downgraded Sanofi to Sell from Hold with an unchanged price target of EUR 90. Sanofi posted a "mixed" start to FY23, further confirming both a limited chance of management overdelivering on the numbers this year as well as the realization that the 32% margin target for FY25 "is not being lowballed," the analyst tells investors in a research note. In the mid-term, a fundamental problem for Sanofi is struggling productivity, the firm adds.