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Roche downgraded to Hold from Buy at HSBC

HSBC analyst Rajesh Kumar downgraded Roche (RHHBY) to Hold from Buy with a price target of CHF 295, down from CHF 338. The perception of Roche as being relatively defensive, and the potential excitement around orforglipron, “makes the stock a crowded trade,” the analyst tells investors in a research note. The firm believes the stock’s catalysts have played out.

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