Numis has upgraded its recommendation on Hikma Pharmaceuticals (LON:HIK) to ‘buy’ from ‘hold’ ahead next week’s third quarter update and following a 35 per cent decline in the share price over the past three months.
The broker pointed out that the shares have significantly underperformed the UK Mid-Cap Healthcare and Global Specialty Pharma sectors but sees the Q3 results on 10th November and the “Meet the Management” event on 15th November as the catalysts for a re-rating.
Analyst have set a new target price of 2,350 pence per share.
At 1:53pm: (LON:HIK) Hikma Pharmaceuticals PLC share price was -98p at 1647p
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