FTSE 100 pharmaceutical group GlaxoSmithKline PLC (LON:GSK) has had its target price lifted by both Barclays and Deutsche Bank as both banks predicted upgrades to its earnings forecasts.
At Deutsche Bank, analysts upped their target to 1,525p from 1,420p while raising their earnings per share (EPS) forecasts by 6-7% on the back of foreign exchange weighting and the timing of the launch of GSKs Advair drug, which is expected from the fourth quarter of 2018.
They added that an update from the new head of research and development at GSK, Hal Baron, would also provide investors with insight into the future direction of the company, as well as an updated list of key pipeline assets, particularly plans for the firms oncology and immune-inflammation portfolios.
Meanwhile, Barclays analysts upped their target price to 1,750p from 1,700p, with the companys launch of its Shingrix shingles product playing out more favourably than expected.
They added that margin improvement was expected and a core EPS of over 120p was feasible.
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