JPMorgan analyst Richard Vosser upgraded Sanofi (SNY) to Overweight from Neutral with a price target of EUR 103, up from EUR 81. Sanofi should start to close the valuation gap relative to peers in 2020, Vosser tells investors in a research note. The analyst believes the stock's current multiple of 12.6 times is "unjustified," especially when Novartis (NVS) trades on 14.3 times for a similar growth profile of 2.7%. He also also sees the potential for earnings upgrades driven by Dupixent.
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