Novartis initiated with "buy" - update

06.09.07 - UBS

LONDON, September 6 (newratings.com) - Analysts at UBS initiate coverage of Novartis (NOVN) with a "buy" rating. The target price is set to CHF82.

In a research note published this morning, the analysts mention that the company?s guidance of double-digit pharma sales growth in 2009-2011 is higher than the consensus. The analysts expect Novartis to achieve about 10% sales growth per annum, driven by its Aclasta, Gleevec, Exjade, Tekturna, Tasigna and Diovan products. The company's key products are well protected from generic competition, UBS adds.