Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Expressing concern related to the weakening pharma sector fundamentals and adverse macro environment, Jefferies' Jeffrey Holford mentioned in a report that the sector already reflects these concerns to some extent following the recent derating.
Some of the most anticipated studies had failed in 2016, Holford noted, adding that 2017 still offered a few important R&D catalysts. He added that a political overhang (the “most significant risk” being the potential dual eligible rebate reform), increased pressure from PBMs (pharmacy benefit manager) on U.S. pricing and forex headwinds could exert pressure on stocks, especially if the U.S. dollar continued to strengthen.
“Whilst the sector looks relatively cheap vs. major markets, near term growth remains poor for many companies,” Holford wrote.
Top Picks
The analyst named AbbVie Inc (NYSE: ABBV), AstraZeneca plc (NYSE: AZN), Novartis AG (ADR) (NYSE: NVS) and Eli Lilly and Co (NYSE: LLY) as the top picks in the Pharma sector, terming them as “the cheaper growth names.” He further stated AbbVie and Eli Lilly and were most preferred in the United States, while AstraZeneca and Novartis were most preferred in Europe.
Rating Changes
Holford upgraded the ratings on Bayer AG (ADR) (OTC: BAYRY) and Bristol-Myers Squibb Co (NYSE: BMY) from Hold to Buy. The price target were raised to €115 and $69, respectively.
The analyst downgraded the rating on Merck & Co., Inc. (NYSE: MRK) from Hold to Underperform, while reducing the price target to $48.
Price Target Changes
The other price target changes at Jefferies were:
- Abbott Laboratories (NYSE: ABT): Rated Buy, PT down to $46.
- AstraZeneca plc: Rated Buy, PT reduced to 5,400p.
- GlaxoSmithKline plc (ADR) (NYSE: GSK): Rated Buy, PT cut to 1,700p.
- Johnson & Johnson (NYSE: JNJ): Rated Hold, PT reduced to $107.
- Novo Nordisk A/S (ADR) (NYSE: NVO): Rated Hold, PT raised to DKK240.
- Pfizer Inc. (NYSE: PFE): Rated Hold, PT lowered to $30.
- Zoetis Inc (NYSE: ZTS):Rated Buy, PT down to $62.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!