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GlaxoSmithKline upgraded by Berenberg

26 May 2017 14:11

Berenberg has upgraded its recommendation on GlaxoSmithKline (LON:GSK) believing long-term value is emerging and that risks are now skewed to the upside at a group level, despite its HIV business, ViiV, facing competition from Gilead.

The bank also increased its price target to £18.85 (from £18.50).

Berenberg said: "Beyond this near-term risk, we think the market underappreciates the strength and breadth of GSK's diversified business.

"Our base-case SOTP valuation suggests a fair value at £18.54, 14% upside from the closing price."

At 2:11pm: (LON:GSK) GlaxoSmithKline PLC share price was +26.75p at 1644.75p

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