Roche: Oddo BHF still a seller but raises TP
(CercleFinance.com) - Oddo BHF maintains its 'Underperform' rating on Roche shares, as its recent performance now seems uncorrelated with fundamentals.
However, it raises its target price from 220 CHF to 250 CHF following the adjustment of its 2024/26 EPS estimates.
The broker, which also includes the obesity franchise in its long-term forecasts, points out that the Swiss healthcare group published H1 results above expectations the previous day, justifying a guidance upgrade at core EPS level.
After the recent rally fuelled by the publication of early data for CT-388 and CT-996, the valuation now seems high according to analysts: the stock is trading at a 2025 P/E of 14.3x for a 2023/27 EPS CAGR of 3.7%, it warns however.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
However, it raises its target price from 220 CHF to 250 CHF following the adjustment of its 2024/26 EPS estimates.
The broker, which also includes the obesity franchise in its long-term forecasts, points out that the Swiss healthcare group published H1 results above expectations the previous day, justifying a guidance upgrade at core EPS level.
After the recent rally fuelled by the publication of early data for CT-388 and CT-996, the valuation now seems high according to analysts: the stock is trading at a 2025 P/E of 14.3x for a 2023/27 EPS CAGR of 3.7%, it warns however.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.