(CercleFinance.com) – AlphaValue announced on Tuesday that it has lowered its opinion on GSK, which it is reducing from ‘buy’ to ‘accumulate’ in order to take into account the threat posed, according to it, by the Zantac dossier.
The research office, which maintains a price target of 1,732 pence on the title, explains that it has adjusted its valuation following the negative reaction of the market to the prospect of the opening in the United States, by the end of the month, a lawsuit involving the heartburn drug marketed by the company during the 1980s and 1990s.
In its research note, AlphaValue now specifies applying a 30% discount to the value obtained by the stock market comparables method, including the price-to-book ratio.
The independent firm nevertheless says it maintains a favorable opinion of the British biopharmaceutical giant because of the ‘transformation’ process initiated by the group, which it now considers to be on the right track.
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