Finanzaonline.com – 12.12.11/11:05
European drug stocks end up under the magnifying glass of Credit Suisse, which is putting its hand to evaluating some big names in the sector. According to the Swiss broker, 2012 will reserve new challenges for pharmaceutical companies in Europe but the diversification and development strategies adopted so far in emerging countries and the launch of new products will be able to support their profits. Not only. There is record investment in corporate restructuring and removal of cost overruns, while balance sheets are strong enough to compensate shareholders. Against this positive backdrop, Credit Suisse lists Novartis, Bayer and Roche as the preferred companies. In particular, on Bayer, analysts raise the target price to 56 euros from the previous 53 euros, because "the weak sales of Yaz/Yasmine and the launch costs of Xarelto, which will have an impact on 2012, are already largely discounted by the stock". On the other hand, the promotion (from neutral to outperform) arrives on Roche, thanks to the defensive strategy of the group which should allow for the distribution of a dividend to shareholders. Neutral rating confirmed on Sanofi, Novo Nordisk and GlaxoSmithKline. Avoid instead Astrazeneca (rating underperform): "we expect the company to cut its Research and Development activity in 2012".
Source: Finanza.com
Broker snap: Credit Suisse reiterates underperform on AstraZeneca |
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Mon 12 Dec 2011 |
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