Berenberg Upgrades Sanofi-Aventis (SNY) to Buy; Favorable Risk/Reward
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Berenberg upgraded Sanofi-Aventis (NYSE: SNY) from Hold to Buy with a price target of EUR93, saying risk/reward is favraoble.
Analyst Louise Pearson commented, "Sanofi shares have underperformed the healthcare index by 15% over the last 12 months, and have de-rated from 15x to just c13x forward earnings, making it the cheapest stock in our European large-cap universe. This performance is largely due to problems in the diabetes business. While there are still potential bumps in the road ahead, we feel that the shares have been overly discounted. The risk/reward opportunity is now favourable and we see over 30% upside to our price target. We upgrade to Buy."
Shares of Sanofi-Aventis closed at $39.60 yesterday.
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