Novartis (NVS) PT Raised to $126 at CFRA

CFRA analyst Wan Nurhayati raised the price target on Novartis (NYSE: NVS) to $126.00 (from $121.00) while maintaining a Hold rating.

The analyst comments "We raised our target price to USD126 (from USD121) and our EPAS estimates to USD8.85 (from USD8.58) for 2025 and to USD9.00 (from USD8.90) for 2026, mainly to account for the latest results. Our target price implies a 2025 P/E multiple of 14.2x or 2026 P/E of 14.0x, in line with its historical forward P/E multiple. Novartis reaffirmed its 2025 outlook after posting Q3 results broadly in line with consensus, expecting net sales to grow in the high single digit range and core operating income in the low teens. We view the guidance as attainable, to be supported by continued growth of key drugs, which is expected to provide some cushion to the generic competition impact for Entresto, Tasigna, and Promacta. Generic competition for Tasigna and Promacta entered the U.S. market in May, while Entresto began facing its U.S. generic competition in Q3 2025. We see cost control and productivity improvement supporting margin, cushioning the potential dilution impact from the proposed Avidity Bioscience acquisition."

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