Richter Gedeon price target raised to HUF 9,500 from HUF 8,900 at HSBC

HSBC analyst Raj Sinha raised the firm’s price target on Richter Gedeon to HUF 9,500 from HUF 8,900 and keeps a Hold rating on the shares. The firm notes that first half of 2023 revenue grew due to growth across all regions and stronger than expected Vraylar royalties, up 47% year-over-year. Vraylar royalties will support Richter’s margin while promotional activity and R&D spend increase, HSBC adds. Nonetheless, short-term headwinds leave the firm cautious.