Morgan Stanley upgraded Novartis (NVS) to Equal Weight from Underweight with a price target of $123, up from $110. The firm believes the company’s valuation for growth is more attractive than Roche. Novartis’ growth is now higher quality with less from Cosentyx, which is going off-patent in 2029, and its execution could continue to surprise to the upside, the analyst tells investors in a research note.
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