Glaxo Posts Steady 4Q; Shares Look Undervalued and Concerns About a Dividend Cut Are Overdone
GlaxoSmithKline reported fourth-quarter results that were largely in line with our and consensus expectations, so we don’t expect any major changes to our fair value estimate. We continue to view the stock as undervalued. While Glaxo faces increased competitive pressure from Gilead in HIV and likely generic Advair in 2018, we don’t expect it to cut the dividend, a major concern for the stock. We also expect Glaxo to be able to maintain the dividend through any bolt-on acquisitions. The strength ...
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