UBS has raised its recommendation on Novartis shares from Neutral to Buy, with a target price of 104 Swiss francs (up from 90 Swiss francs), representing a potential upside of 14% from the current price.

' Well-held but high R&D productivity provides a solid basis for growth", says the analyst firm.

Novartis raised its medium-term sales forecast in late November to average annual growth of 5% (2022-27), with a core operating margin of around 40% or more by 2027.

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