Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Gregory Ramirez

SOPRA STERIA GROUP: The net final cost of the malware attack has no big impact to the margins | BUY | EUR170(+39%)

SOPRA STERIA GROUP - BUY | EUR170(+39%) The net final cost of the malware attack has no big impact to the margins We reiterate our Buy rating with a target price of EUR170 The net impact to the operating profit will be EUR10-20m Our previous forecasts almost embedded FY20 guidance revision

Eric Le Berrigaud

NOVARTIS: Attractive growth perspectives for 2021 and beyond | BUY | CHF115 vs. CHF110 (+43%)

NOVARTIS - BUY | CHF115 vs. CHF110 (+43%) Attractive growth perspectives for 2021 and beyond Top-line, mix and savings driving growth in IM Upside to the central-case scenario endorsed by consensus Addressing some issues, not expected to play against it anymore Poised well to perform in 2021

Virginie Roumage

NESTLÉ: Portfolio changes continue, despite COVID-19 | Conviction BUY | CHF125(+

NESTLÉ - Conviction BUY | CHF125(+23%) Portfolio changes continue, despite COVID-19 Yinlu will be sold to Food Wise The transaction allows Nestlé to focus on key categories in China Nescafé ready-to-drink (RTD) coffee will be retained The portfolio management is on track – a Conviction Buy

Eric Le Berrigaud

ROCHE: One year too much to transition in 2021? | BUY | CHF375 vs. CHF390 (+25%)

ROCHE - BUY | CHF375 vs. CHF390 (+25%) One year too much to transition in 2021? 2021: last year in the finishing cycle or first in the new one? Pipeline expectations are low although most upside is mid-term Valuation very undemanding but momentum is adverse

Olga Smolentseva

HUMANIGEN: M&A activity in the space validates pharma’s appetite for COVID-19 therapies | BUY | USD30

HUMANIGEN - BUY | USD30 M&A activity in the space validates pharma’s appetite for COVID-19 therapies Acquisition of OncoImmune points to potential of COVID therapies Anti-inflammatory approach is attractive, albeit questions remain Lenzilumab is well positioned in severe COVID-19 Establishing of Humanigen Australia to facilitate partnering opportunities and clinical development

Olga Smolentseva

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

Eric Lemarie

TARKETT: Everything has a value | BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%)

TARKETT - BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%) Everything has a value 2020 woes well translated in the share price Liquidity looks like a manageable issue The momentum looks better Not a value trap anymore

Eric Le Berrigaud

ASTRAZENECA - BUY - Top Picks | 8780p(+1%) ADAURA: outstanding results, paving the way for new SoC in adjuvant NSCLC

Top-line data even greater then thought Modelling consequences

Nikolaas Faes

FLOWR: Feedback from virtual meeting | BUY | CAD1.2(+97%)

FLOWR - BUY | CAD1.2(+97%) Feedback from virtual meeting From recreational in Canada to medical cannabis in Europe High THC products is what recreational consumer want Nearing cash flow break-even The latest capital raising should be the last one

Cedric Rossi

TOD'S GROUP: No strong rebound in Mainland China since end of march? | SELL | EUR20(-22%)

TOD'S GROUP - SELL | EUR20(-22%) No strong rebound in Mainland China since end of march? Q1 sales down 30% We expect further deterioration in Q2 EBIT losses expected on FY 2020 and likely in 2021 Sell recommendation maintained

Gregory Ramirez

SOPRA STERIA GROUP: The net final cost of the malware attack has no big impact to the margins | BUY | EUR170(+39%)

SOPRA STERIA GROUP - BUY | EUR170(+39%) The net final cost of the malware attack has no big impact to the margins We reiterate our Buy rating with a target price of EUR170 The net impact to the operating profit will be EUR10-20m Our previous forecasts almost embedded FY20 guidance revision

Eric Le Berrigaud

NOVARTIS: Attractive growth perspectives for 2021 and beyond | BUY | CHF115 vs. CHF110 (+43%)

NOVARTIS - BUY | CHF115 vs. CHF110 (+43%) Attractive growth perspectives for 2021 and beyond Top-line, mix and savings driving growth in IM Upside to the central-case scenario endorsed by consensus Addressing some issues, not expected to play against it anymore Poised well to perform in 2021

Virginie Roumage

NESTLÉ: Portfolio changes continue, despite COVID-19 | Conviction BUY | CHF125(+

NESTLÉ - Conviction BUY | CHF125(+23%) Portfolio changes continue, despite COVID-19 Yinlu will be sold to Food Wise The transaction allows Nestlé to focus on key categories in China Nescafé ready-to-drink (RTD) coffee will be retained The portfolio management is on track – a Conviction Buy

Eric Le Berrigaud

ROCHE: One year too much to transition in 2021? | BUY | CHF375 vs. CHF390 (+25%)

ROCHE - BUY | CHF375 vs. CHF390 (+25%) One year too much to transition in 2021? 2021: last year in the finishing cycle or first in the new one? Pipeline expectations are low although most upside is mid-term Valuation very undemanding but momentum is adverse

Olga Smolentseva

HUMANIGEN: M&A activity in the space validates pharma’s appetite for COVID-19 therapies | BUY | USD30

HUMANIGEN - BUY | USD30 M&A activity in the space validates pharma’s appetite for COVID-19 therapies Acquisition of OncoImmune points to potential of COVID therapies Anti-inflammatory approach is attractive, albeit questions remain Lenzilumab is well positioned in severe COVID-19 Establishing of Humanigen Australia to facilitate partnering opportunities and clinical development

EDF (NEUTRAL, FV Under Review) | Dividend for 2019 dropped, the guidance for 2020 will follow soon

Healthcare: Top Picks Q2 2020: Three large cap pharma out of four names for the next quarter

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