Atlantic Equities said in its upgrade of the stock that the "negative price action" was "overdone."'s past performance during recessions, we are reducing 2021/2022 EPS from $5.91/$6.54 to $4.21/$4.61 respectively as we assume coronavirus issues ease towards the year end but are replaced by a recession.
"We view Major Pharma as relatively attractive given its defensive qualities. Companies continue to have solid financial prospects despite some impacts due to COVID-19, offer attractive dividend yields, and can capitalize on lower biotech industry valuations & enhance pipelines via M&A. Upgrading
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