Following Vectura’s recent trading and strategy update, we have updated forecasts principally to reflect lower expected R&D expenditure, partially offset in valuation terms by later expected VR315 approval and launch. We note that the stock has risen 29% since our upgrade to Buy on 10th November at 90.7p. Our revised target price of 120p (from 113p) leaves limited upside from current levels. We downgrade to Hold.
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Forecast changes post trading update: downgrade to Hold
- Published:
18 Jan 2018 -
Author:
Jens Lindqvist -
Pages:
3
Following Vectura’s recent trading and strategy update, we have updated forecasts principally to reflect lower expected R&D expenditure, partially offset in valuation terms by later expected VR315 approval and launch. We note that the stock has risen 29% since our upgrade to Buy on 10th November at 90.7p. Our revised target price of 120p (from 113p) leaves limited upside from current levels. We downgrade to Hold.