While maintaining its 'neutral' opinion on Ipsen, Oddo BHF has raised its target price from €102 to €115 (i.e. a potential upside of 9%), after factoring in its new projections for the French pharmaceutical company.

"We can see the effect of the strengthening of the pipeline made possible by the new strategy, but we fear the loss of momentum of Somatuline and its effect on margins not yet offset by other products, in the short term", says the analyst.

In his opinion, the multiples are modest, but above all reflect the generic threat, which has never been so significant. This transition/preparation profile calls for caution, even if Ipsen is usually a cautious guide", he concludes.

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