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UPDATE: Jefferies Downgrades GlaxoSmithKline to Hold on Margin Expansion Visibility

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Jefferies cut its rating on GlaxoSmithKline (NYSE: GSK) from Buy to Hold on reduced visibility to the company's margin expansion.

Jefferies commented, "Whilst we still see double digit CORE EPS growth for GlaxoSmithKline from 2013E-17E, visibility on margin expansion has been obscured by over-exposure to price pressure and transfer pricing in Europe. The shares have recovered well from their lows since the Q2'12 results and we take this opportunity to cut our rating to Hold from Buy given the limited upside."

GlaxoSmithKline closed at $46.84 on Friday.

Latest Ratings for GSK

DateFirmActionFromTo
Sep 2016PiperJaffrayInitiates Coverage onOverweight
Sep 2016Exane BNP ParibasDowngradesNeutralUnderperform
Aug 2016Argus ResearchMaintainsBuy

View More Analyst Ratings for GSK
View the Latest Analyst Ratings

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