Leerink Swann Downgrades Sanofi (SNY) to Market Perform

October 18, 2013 7:24 AM EDT Send to a Friend
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Price: $45.70 +1.06%

Rating Summary:
    3 Buy, 10 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 27 | Down: 26 | New: 17
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Leerink Swann downgraded Sanofi (NYSE: SNY) from Outperform to Market Perform with a price target of EUR80 vs EUR83.

Analyst Seamus Fernandez said, "We are downgrading SNY from Outperform to Market Perform and lowering our DCF-based price target to €80 from €83 primarily on continued low visibility around the pace of recovery in the company's base business, and we do not expect the upcoming 3Q results (10/30) to improve this. For value investors, our forecasts don't include SNY's €3B ownership interest in REGN (OP) or the prospects for an accretive repurchase of L'Oreal's 9% stake in SNY. And although we continue to like the long-term opportunity for products such as alirocumab (PCSK9; LDL-lowering) and dupilumab (anti-IL-4 alpha; asthma & atopic dermatitis), we are skeptical that visibility on the base business, which includes substantial generic and tail product exposure, will improve materially during the next 12 months."

For an analyst ratings summary and ratings history on Sanofi-Aventis click here. For more ratings news on Sanofi-Aventis click here.

Shares of Sanofi-Aventis closed at $50.13 yesterday.


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