Zacks Investment Research upgraded shares of Sanofi (SNY) from UNDERPERFORM to NEUTRAL on November 25, 2013, with a target price of $56.00.
We are reverting to a Neutral recommendation on Sanofi from Underperform. The company is slowly recovering from the effect of the genericization of several key drugs. Although third quarter earnings were down 9% (CER) from the year-ago period, the loss of revenues due to generic competition was much lower in the third quarter ( 191 million) as compared to 481 million in the second quarter of 2013. Sanofi is looking to combat the generic threat confronting most of its key drugs by signing deals and pursuing acquisitions. We are pleased with Sanofi's efforts to develop its pipeline. We believe that new products including Aubagio and Zaltrap will make significant contributions in the coming quarters.
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