Novartis "buy"

30.05.06 - Jyske Bank

LONDON, May 30 (newratings.com) - Analyst Frank Hørning Andersen of Jyske Bank reiterates his "buy" rating on Novartis (NOVN). The 12-month target price is set to CHF85.

In a research note dated April 25 and published yesterday, the analyst mentions that the company has reported its sales for 1Q06 short of the estimates. Novartis' earnings were, however, ahead of the estimates, driven by substantial margin expansion across its business segments, the analyst says. The company?s Phase III Rasilez and Galvus projects are progressing on schedule, Jyske Bank adds.