Oddo BHF maintains its 'neutral' rating on Novartis shares, with an unchanged target price of CHF 95.

The research firm points out that Q1 sales (+4% vs. consensus) and core EPS (+7% vs. consensus) came in above expectations.

In this context, Novartis is raising its FY 24 guidance with: 1/ sales up high-single to low double-digit (vs mid single digit) and 2/ core EBIT up low double-digit to mid-teens (vs high single digit).

The broker estimates that the consensus is for an upward revision of around 3% for sales and 1.5% for core EBIT, and adds that "the share should react positively to this very solid and reassuring publication".


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