Roche is down nearly 2% in Zurich after Stifel confirmed its 'hold' rating on the stock this morning, with a price target reduced from 306 to 280 Swiss francs.

The broker reports that despite an expected increase in operating profit in 2024, investors remain concerned about earnings per share, which are expected to be lower than in 2018, notably due to an estimated 500 million Swiss francs increase in financial expenses and 800 million Swiss francs in taxes.

Stifel reports that Roche will hold various investor relations events, including the traditional Pharma Day in September, during which an update on the group's strategy is planned.

'Needless to say, we expect the event to be well attended, but we also point out that performing ahead of this event could prove challenging,' the analyst stresses.


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