Novartis upgraded to Equal Weight at Barclays on ‘fairly rich’ pipeline

As previously reported, Barclays upgraded Novartis (NVS) to Equal Weight from Underweight with a CHF 120 price target as the firm transferred coverage of European large-cap pharma to a new analyst. The firm sees the company’s “fairly rich” pipeline as mostly well reflected in valuation or with competition, says the analyst, who also cites a “weak” operational outlook for 2026.