01:20 AM EDT, 06/04/2024 (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 Hold opinion and adjust our target price by USD2 to USD46, implying 11x of our 2024 earnings per ADS estimate, largely in line with its historical mean. Share price was hit by around 9% following the Delaware State Court ruling (relating to Zantac litigation) which allows experts to testify and related cases to proceed to trial. In our view, this latest development suggests that the litigation overhang remains and may continue to weigh on investors sentiment and share price performance. Operation wise, we expect key products including Shingrix and Arexvy (potential label expansion to include at risk adults aged 50-59) along with other new launches to drive growth while better product mix (shift towards Vaccines and Specialty Medicine) could help to support margin. While we are encouraged to see the strong Q1 2024 result recently, we stay cautious on the Zantac litigation overhang. Our estimates remain unchanged.