Novartis upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank upgraded Novartis (NVS) to Buy from Hold with a price target of CHF 110, up from CHF 100. The firm says the company’s “surprisingly robust” Q4 results but defied both its caution on its year-end margin finish and the fiscal 2025 outlook. Novartis is positioned for another year of “nudging up” Street expectations and can defy broad patent cliff caution post 2025, the analyst tells investors in a research note. Deutsche remains constructive on the scientific rationale and clinical evidence to date for Novartis’ pending Phase 3 assets ianalumab and pelacarsen.