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JP Morgan Cazenove has upgraded to “overweight” from “neutral”, also increasing the target price to 1,450p from 1,350p. The broker believes that some of the earnings headwinds facing the group could start to abate from the end of 2014, with risk reward geared towards the upside.
Jefferies has upgraded to “buy” from “hold”, also upping the target price to 760p from 525p. The broker is more optimistic after the results of its survey of US physicians, suggesting more widespread and rapid adoption than expected of BTG’s Varithena treatment for varicose veins.