Roche: Clinical Momentum Improves Outlook but Valuation Keeps Risk/Reward Balanced at Hold

In a report released yesterday, James Quigley from Goldman Sachs upgraded Roche Holding AG to a Hold, with a price target of CHF365.00.

James Quigley has given his Hold rating due to a combination of factors that balance Roche’s improved outlook against its current valuation. Recent clinical successes, particularly with giredestrant in the adjuvant setting and fenebrutinib in multiple sclerosis (including RMS and PPMS), have materially strengthened the company’s medium-term growth prospects and reduced the concentration of clinical risks that previously justified a more cautious stance. These positive readouts also provide encouraging indications for key 2026 studies, and the obesity pipeline (CT-388, CT-996, petrelintide) is viewed as having relatively contained scientific risk. However, Quigley notes that some trial-related uncertainties remain, such as questions around endocrine sensitivity for giredestrant in first-line treatment and incomplete clarity on statistical robustness and liver safety for fenebrutinib.

At the same time, Quigley’s increased target price of CHF 365 per share implies only about 6% upside from the current market price, suggesting that much of the improved outlook is already reflected in the stock. In his view, the combination of enhanced growth visibility, reduced downside from near-term catalysts, and limited remaining valuation upside results in a risk/reward profile that is broadly balanced rather than compellingly attractive. Consequently, while the earlier concerns that underpinned a Sell recommendation have eased, the stock does not warrant a Buy rating at present, leading Quigley to assign a Hold (Neutral) recommendation.

In another report released yesterday, TipRanks – xAI also reiterated a Hold rating on the stock with a CHF372.00 price target.

RHHVF’s price has also changed moderately for the past six months – from CHF255.000 to CHF345.700, which is a 35.57% increase.