< The 2014 All-Europe Research Team
Advancing from runner-up to second place is the Deutsche Bank crew of five co-captained by Mark Clark and Timothy Race. Last year the firm’s Holger Blum–led squad held the top spot in Biotechnology, which has been folded in to Pharmaceuticals this year. From their offices in Frankfurt, London and Zurich, these analysts report on 20 names and “are available to take client questions of very different levels of complexity and provide turnaround with very clear views and advice in a short time frame,” reports one proponent. A top pick is Roche Holdings, thanks to the Swiss company’s solid base business, which the team believes offers the most pipeline optionality from pivotal clinical trial results this year. The researchers reiterated their buy rating on Roche in early December, with a target price of Sf280, representing a 13.2 percent upside to their year-end 2013 value. Looking ahead, they are constructive on the sector, which jumped 25.2 percent last year. “The patent cliff is in the rear-view mirror, and pipeline productivity appears to be on a continuous path of improvement,” says Race. His crew projects that this group will offer at least mid-single-digit earnings growth, supported by a similar level of dividend yields, over the medium to long term. |