JPMorgan Chase & Co. Downgrades Novartis to Neutral (NVS)
Novartis (NYSE:NVS) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports.
Novartis (NYSE:NVS) traded down 2.00% during mid-day trading on Tuesday, hitting $73.84. The stock had a trading volume of 1,903,705 shares. Novartis has a 52-week low of $58.60 and a 52-week high of $77.10. The stock’s 50-day moving average is $75.47 and its 200-day moving average is $73.25. The company has a market cap of $180.7 billion and a P/E ratio of 19.52.
Novartis (NYSE:NVS) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.01. The company had revenue of $14.50 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter in the previous year, the company posted $1.38 earnings per share. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Analysts expect that Novartis will post $5.12 EPS for the current fiscal year.
Separately, analysts at Barclays Capital downgraded shares of Novartis from an “equal weight” rating to an “underweight” rating in a research note to investors on Monday, September 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Novartis currently has an average rating of “Hold” and a consensus price target of $81.00.
Novartis AG is a Switzerland-based holding that, through its subsidiaries, is engaged in the research, development, manufacture and marketing of healthcare products.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.