GSK: 1 director

A director at GSK sold 6,000 shares at 1,702p and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members along ...

GSK - It’s Not Sexy But It Is a BUY (TP £19 [£14.50], 14 pgs)

Following new analysis on current growth drivers & upcoming pipeline readouts, we upgrade our 2028 revenues by £2.5bn & believe GSK can deliver 11% CAGR EPS growth 2024-27 leaving us 7% above consensus 2027 EPS. Whilst we believe 2029-31 is an unfillable hole & justifies a low multiple on Pharma, this is more than in the price and near-term momentum will likely drive the shares higher. The Zantac overhang clearing, some pipeline catalysts & the potential for fresh management coupled with near-term EPS momentum, leaves us believing GSK can outperform. We also highlight that there’s >£20bn of M&...

EU Pharma - 2024 Year Ahead (28 pgs)

For EU Pharma, 2024 is likely to be characterised by EPS revisions, a handful of new launches & sluggish EPS growth for a number of names. The relative lack of pipeline catalysts makes forecasting sales and EPS much more important than for 2023. We identify 4 key issues to watch for: 1) Medicaid AMP cap removal, 2) Higher tax costs, 3) Higher debt costs & 4) a handful of very specific company issues that could make a material difference to performance (Novo: Wegovy supply, GSK: litigation, SAN: tolebrutinib P3). Our top pick is Novo, we upgrade Sanofi to BUY & see more catalysts than the marke...

2025 outlook for datacenter AI, BEVs slow, Hybrids accelerate, AMD GPUs, and much more. The Weekly Wrap-Up.

NSR Policy: ACP’s Perils of Pauline

In this Weekend Update, we review the multiple activities affecting the prospects for an ACP extension, including one legislative solution that was pulled from a mark-up, a Senate hearing on the subject, and an effort to attach an extension to FAA reauthorization. Our bottom line remains: 1. With the ACP funds about to run out, recipients in May or June are likely to start having to make hard choices about what they are willing to pay for. 2. We agree with the consensus in government and industry that Congress is highly unlikely to provide an extension, but efforts will continue, as the numb...

Autumn for Broadband 1Q24

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Industry net adds were substantially weaker in 1Q24 with all technologies seeing slower growth (except DSL which was flat). Cable was impacted the most.