UPDATE: JP Morgan Upgrades Novartis to Overweight; Multiple Should Approach Peers

JP Morgan upgraded Novartis NVS from Neutral to Overweight. JP Morgan analyst Alexandra Hauber noted, "We upgrade Novartis to overweight from Neutral with a new 18 month price target of Sfr 78 assuming the stock can approach a sector multiple by mid 2014 which reflects FCF growth beyond 2019 of just below 1%." Novartis closed at $68.60 on Wednesday.