Tuesday May 6, 05:23 PM
UCB downgraded to "underweight"
By J.P. Morgan Securities
LONDON, May 5 (newratings.com) - Analysts at JP Morgan downgrade UCB SA (ticker: UCB-EUR) from "neutral" to "underweight," while reducing their estimates for the company. The target price is set to E20.
In a research note published this morning,
the analysts mention that the company has five applications pending with the FDA, with action dates between August and October. The 2009 consensus EPS expectation of E1.29, ahead of the estimates, reflects the bright prospects of Cimzia, Keppra and Xyzal, the analysts say. Cimzia, in particular, is unlikely to meet the sales or profitability expectations, since the drug is not clinically differentiated, JP Morgan adds. The EPS estimates for 2008 and 2009 have been reduced from E0.99 to E0.95 and from E0.88 to E0.81, respectively.
© 2008 New Ratings
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