12:45 PM EDT, 04/23/2024 (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 raise our target price by $3 to $108, implying a 2024 P/E of 15.4x, largely in line with the peer average. Novartis ( NVS ) raised its full-year 2024 guidance after posting a strong start to the year, and is now expecting high-single-digit to low-double-digit net sales growth (previously mid-single-digit) and low-double-digit to mid-teens core operating income growth (previously high-single-digit), both in constant currencies (cc). Q1 2024 net sales and core operating income grew 11% and 22% Y/Y in cc, respectively, supported by strong volume growth and cost control. We raise our earnings per ADS estimates to $7.00 from $6.90 for 2024 and to $7.50 from $7.40 for 2025 to account for the guidance upgrade. Overall, we expect key products' growth to continue driving sales going forward, while savings from the implementation of the new structure help support margins. We maintain our Hold rating, as we view the stock to be fairly valued at the current level.