Deutsche Bank Downgrades Novartis (NVS) to Hold, Doesn't See Outperformance

Deutsche Bank downgraded Novartis (NYSE: NVS) from Buy to Hold.

The firm comments, "Previously we were buyers of Novartis as its industry leading innovation had the potential to beat low consensus expectations. Despite some set-backs, the pipeline generally has delivered, and we expect this to continue going forward. Together with the shares' recent good performance, our concern is that consensus not only factors in pipeline success but now overshoots our long-term earnings forecasts. As such, we downgrade to Hold from Buy, expecting modest share price upside in 2013."

For an analyst ratings summary and ratings history on Novartis click here. For more ratings news on Novartis click here.

Shares of Novartis closed at $63.20 yesterday.

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