Leerink Swann Initiates Coverage on GlaxoSmithKline (GSK) with a Market Perform
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Leerink Swann initiates coverage on GlaxoSmithKline (NYSE: GSK) with a Market Perform. Price target $43-44.
Leerink analyst says, "For existing investors, GSK offers (1) sales and EPS upside from H1N1; (2) the lowest patent risk and highest business diversity in our coverage universe through '16; (3) Benlysta – with partner HGSI; (4) impressive expected emerging markets growth; and (5) a top-tier dividend yield (~4.8%+). These factors are relatively evenly balanced by: (1) risk of intensifying competition in '12-'16 vs the respiratory device franchise; (2) an uninspiring internal development pipeline; and (3) near-term currency headwinds.
"GSK's best chance to deliver upside surprises likely will come from emerging markets. Our review of GSK's product pipeline beyond Benlysta and Synflorix paints a relatively mixed picture. With approximately 14% of our sales forecast derived from emerging markets, sustained double-digit would be a source of upside. However, it is not yet clear to us if GSK has differentiated itself in terms of its ability to grow faster than its peers in these markets."
To see all the upgrades/downgrades on shares of GSK, visit our Analyst Ratings page.
GlaxoSmithKline plc (GSK) is a global healthcare group, which is engaged in the creation and discovery, development, manufacture and marketing of pharmaceutical products, including vaccines, over-the-counter (OTC) medicines and health-related consumer products.
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