UBS has upgraded its recommendation on Sandoz from 'neutral' to 'buy', with a target price raised from CHF 29.1 to CHF 36, a new target offering 23% upside potential for the Swiss generics and biosimilars group.

In the summary of its research note, the broker says it is 'more positive about access to biosimilars in the US', and highlights 'recent performances which are not reflected in the current undemanding valuation'.

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