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Bayer, Shire Top European Pharma Picks in 2014, JPMorgan Says 2014-01-06 07:50:16.326 GMT
By Sheela Sharma Jan. 6 (Bloomberg) -- Bayer, Shire top European pharma picks in 2014; offer best balance of near-term upside from potential positive top-line surprises, JPMorgan says in note. * Offer earnings upgrade potential; Bayer from new product introductions, Shire from Viropharma consolidation * Cuts Sanofi to neutral vs overweight; 2014 forecast could disappoint, increasing risks to long-term growth * Raises Grifols to overweight vs neutral; current valuation doesn’t fully reflect strong growth outlook * Sees sector 2015 est. P/E multiple of 15x by end 2014 or 11% upside * NOTE: Dec. 17, Deutsche said Shire top 2014 mid-cap pick, Roche top large-cap pick * NOTE: Dec. 10, BofAML said Bayer, Roche, Glaxo top 2014 EU large-cap pharma picks; Bayer, Shire among stks with most potential upside from M&A
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--Editor: Jurjen van de Pol
To contact the reporter on this story: Sheela Sharma in London at +44-20-7392-0395 or ssharma145@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net