Sanofi downgraded to 'underperform' at Credit Suisse

Source: Healthcare Digital

Date :24/09/2008 10:53:40

Sanofi-Aventis SA, France's largest drugmaker, was yesterday, September 23, downgraded to “underperform” from “neutral” at Credit Suisse Group AG.

The brokerage cut its price target on the stock to €42 from €44 and said the shares of the company looked over-valued.

Credit Suisse also upgraded Novartis AG, Switzerland's second-largest drugmaker, to “neutral” from “underperform,” while increasing its price estimate on the stock to CHF60 from CHF51.

“We believe that based on 2009 earnings the shares' defensive characteristics merit a 15 percent premium to the Swiss market,” Credit Suisse analysts wrote in a research report.

Shares of Sanofi-Aventis were trading at €45.75 and Novartis was trading at CHF57.55 at 07:05 GMT.