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Research Alert: CFRA Maintains Buy Opinion On Adss Of Sanofi

· 02/07/2021 22:09

03:05 AM EST, 02/08/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our Buy opinion and adjust our target price by USD5 to USD57, implying 15.2x our 2021 earnings per ADS, largely in line with its 5-year mean. We adjust our 2021 earnings per ADS estimate to EUR3.13 (from EUR3.20) to account for the management guidance and introduce our 2022 earnings per ADS estimate of EUR3.35. SNY guides for 2021 business EPS to grow by high-single-digit percent at a constant exchange rate (CER) with a negative currency impact of -4.5% to -5.5%. In 2020, business EPS grew 9.2% year-over-year at CER (reported: +3.9%) on a stronger margin (achieved cost savings of EUR1.68 billion in 2020) and higher net sales growth. We continue to expect SNY's savings initiatives to provide room for business operating margin expansion (SNY raised its cost-savings target by 2022 to EUR2.5 billion from EUR2.0 billion given the better-than-expected savings achieved in 2020) while the continued strong uptake of Dupixent (+74% in 2020) to drive sales going forward.