Novartis (NOVN.S): Strong2Q26beat, but high risk catalyst path keeps us cautious; remain Sell-20260722
诺华(US:NVS) 高盛·2026-07-22 17:1622 July 2026 | 5:00AM BST Equity Research | NOVN.S | 12m Price Target: SFr113.00 | Price: SFr125.54 | Downside: 10.0% | | --- | --- | --- | --- | | NVS | 12m Price Target: $139.00 | Price: $153.87 | Downside: 9.7% | Following 2Q26 results, we update our model for: (i) latest FX trends; (ii) 2Q26 results; and (iii) key product-related commentary/trends from the print. In the short term (FY26/FY27) we increase Core EPS by 2% as we move from the mid-point to the top end of the range, given the strong 1H beat. ...