JPMorgan downgraded Sanofi to Neutral from Overweight with an unchanged price target of EUR 92. The “fruits” of the company’s pipeline seem unlikely to drive a re-rating of the shares until the Phase III readouts start arriving in 2025 for itepekimab and 2026-27 for amlitelimab and frexalimab, the analyst tells investors in a research note. As such, the firm sees limited chance for re-rating for the next 12-18 months.
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