Novartis "neutral"

26.04.06 - J.P. Morgan Securities

LONDON, April 26 (newratings.com) - Analyst Alistair Campbell of JP Morgan maintains his "neutral" rating on Novartis (NOVN). The target price is set to CHF74.

In a research note published this morning, the analyst mentions that the company has reported its 1Q06 sales short of the estimates due to lower-than-expected pharmaceutical sales ex-US. Novartis? sales shortfall was more than offset, however, by healthy margins across the company?s segments, the analyst says. The company?s operating profits, excluding onetime items, were significantly ahead of the estimates, JP Morgan adds.