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Sanofi: Oddo confirms rating ahead of CMD

( - On 10 December, Sanofi will host a CMD in Boston.

This will be the opportunity for Paul Hudson, the group's new CEO, to unveil its MT strategy, Oddo says.

Ahead of this meeting, Oddo confirms its buy rating on the share, along with its target price of 94 euros.

The broker believes that the main topics to be discussed will be: 1/ a strategic review on the group's diversification; 2/ details regarding the sales of Dupixent; 3/ competition in Hemophilia; 4/ orientation of the group's Pipeline; 5/ schedule in China; 6/ its restructuring program; 7/ cash flow allocation.

Oddo says that its investment case is maintained ahead of this meeting. It believes that the share still seems attractive, in view of its current valuation. The share's 2020e P/E of 13.3x, represents a 15% discount against its peers for a growth that Oddo estimates at 8.2% over the period 2018-22 (vs. 8.8% for the sector).

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