JPMorgan downgraded Sanofi (SNY) to Neutral from Overweight with a price target of EUR 95, down from EUR 105. The firm adjusted ratings in the European pharma group as part of its 2026 outlook. It expects sector performance to be driven by pipeline readouts, saying much of the concern around the impact of U.S. price pressure on sector earnings has dissipated in Q4. JPMorgan downgraded companies with a lack of pipeline readouts in 2026.
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