Roche: Liberum upgrades to 'buy'.
(CercleFinance.com) - Liberum has upgraded its rating on Roche from "hold" to "buy" - increasing its target price for the share from 250 Swiss francs to 279 Swiss francs - saying that the Swiss firm's R&D is "clearly undervalued.
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In a research report sent to clients, the British broker says that Monday's data on Tecentriq and Hemlibra leads to an 8% upgrade in its medium-term earnings forecasts.
From its viewpoint, these two products, combined with Ocrevus, constitute a new "Big 3" that can deliver long-term growth.
"Despite the 6% increase on Monday, the shares are still down 6% since our March initiation (underperforming preferred Novartis by 17%)," the broker points out in the report.
Liberum underlines that at its current price, the share implies zero value creation from R&D.
Copyright (c) 2017 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.
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In a research report sent to clients, the British broker says that Monday's data on Tecentriq and Hemlibra leads to an 8% upgrade in its medium-term earnings forecasts.
From its viewpoint, these two products, combined with Ocrevus, constitute a new "Big 3" that can deliver long-term growth.
"Despite the 6% increase on Monday, the shares are still down 6% since our March initiation (underperforming preferred Novartis by 17%)," the broker points out in the report.
Liberum underlines that at its current price, the share implies zero value creation from R&D.
Copyright (c) 2017 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.