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Shire upgraded by HSBC

06 July 2017 15:22

HSBC has adopted a more moderate stance on biotech company Shire (LON:SHP) and moved to a hold rating (from reduce), believing the haemophilia headline risk is now largely priced in.

Nevertheless, the bank highlighted that other risks remain and commented:

"Although we view the near-term haemophilia headline as in the price, other risks - Haven-3 data in Q4, which may be more material, the risk of the group's tax rate increasing, risk of Baxter-related tax indemnification, longer-term price pressure and competition in haemophilia and hereditary angioedema (HAE) - remain and investors need to be cognizant."

HSBC also said that, while upgrading to a hold position, it remains unimpressed with the returns profile of the company, especially considering its balance sheet gearing.

Analysts have left their target unchanged at £44.50 per share.

At 3:22pm: (LON:SHP) Shire PLC share price was -57p at 4276.5p

Story provided by StockMarketWire.com

Related Company: SHP

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