MARKET TALK: Novartis Near Fair Value: Strong Franc Weighs

5th Jul 2010 07:48

0648 GMT [Dow Jones] Novartis (NVS) is close to being fairly valued but the sharp decline in EUR/CHF will start to hit the pharmaceutical company with its heavy Swiss cost base, says Kepler. "Although we are negative on the stock, the fundamentals are starting to give some support and unlike AstraZeneca (AZN.LN), Novartis isn't a company in terminal decline," according to analyst Tero Weckroth. Rated at reduce with a price target of CHF50. Stock closed at CHF51.05 on Friday. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 05, 2010 02:48 ET (06:48 GMT)