Novartis: Fundamentals still there, momentum more questionable
BUY, Fair Value CHF107 vs. CHF110 (+20%)Nothing too serious or to be worried about but nothing to be excited about either in the Q3 numbers. This quarterly release leaves us with a mixed taste. Short term, RELAX HF2 is key. Without its support and although the current share price is attractive, we would not make Novartis a short-term BUY.
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