Sanofi rating change at BofA/Merrill

Sanofi upgraded to Buy from Neutral at BofA/Merrill. BofA/Merrill analyst Graham Parry upgraded Sanofi to Buy from Neutral saying the company is approaching an inflection in growth from new products, mainly Dupixent, atopic, dermatitis, while diabetes becomes less of a headwind. Parry believes sales and earnings growth will accelerate to 7% from 4% in through 20-2023E and views valuation as undervaluing growth.
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