LONDON (ShareCast) - Credit Suisse (NYSE: CRP - news) has upgraded its price targets for European pharmaceutical companies.
The Swiss bank re-evaluated industry valuations (price to earnings ratios) relative to other sectors because it believes that earnings per share alone does not provide a fair reflection of value.
Credit Suisse continues to like European pharmaceuticals for 2013 because "it scores highly on the strategy sector scorecard, based on value creation, balance sheet quality and earnings growth, second only to tobacco."
It has 'outperform' ratings for Roche, Bayer (Milan: BAY.MI - news) , Novartis (Berlin: NOT.BE - news) , Shire (LSE: SHP.L - news) , Meda (Other OTC: MDABF - news) and has labelled AstraZeneca (NYSE: AZN - news) , Ipsen, and Orion as 'underperform'.
LS (KSE: 006260.KS - news)