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Societe Generale double upgrades GlaxoSmithKline to Buy.

As previously reported, Societe Generale analyst Justin Smith upgraded GlaxoSmithKline to Buy from Sell in a research note titled 'An intriguing metamorphosis.' The analyst said he waited to upgrade the stock, despite liking "all the management and capital allocation changes" that new CEO Emma Walmsley has made in her first two years in charge, because he wanted to see "clear evidence of improving innovation" with GlaxoSmithKline's Pharma business. Smith now sees five high profile assets in Phase 3 that will release results in the next 3-4 years, giving improved pipeline visibility, and leaving the analyst forecasting "above-average sales growth from 2023."

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Publication:The Fly
Date:Sep 3, 2019
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