Maintaining Our Roche FVE After Strong 2Q and Ocrevus Launch; Shares Undervalued Ahead of Key Data
We’re maintaining our CHF 318/$41.50 fair value estimate for Roche following strong 5% top-line growth in the first half (driven by new launches of cancer drug Tecentriq and multiple sclerosis drug Ocrevus) and an increase in management’s 2017 guidance (to mid-single-digit top-line and core earnings per share growth). We continue to believe the shares are undervalued ahead of several potential catalysts coming by the end of 2017, including new data from Tecentriq, hemophilia drug emicizumab, and...
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