Roche assumed with an Underperform at Jefferies

Jefferies assumed coverage of Roche (RHHBY) with an Underperform rating and CHF 230 price target The stock is “expensive,” but with meaningful risk to the downside to a number of franchises, most importantly Vabysmo, the analyst tells investors. The firm voices concerns about several competitor read-outs in the next 12 months that could expose risk to drugs as well.