RPT BROKERWATCH Novartis upgraded, AstraZeneca downgraded at Exane BNP Paribas

LONDON, Jun 24, 2008 (Thomson Financial via COMTEX) -- NVS | Quote | Chart | News | PowerRating -- Exane BNP Paribas upgraded Novartis to 'neutral' from 'underperform' but downgraded AstraZeneca to 'underperform' from 'neutral' after the recent American Society of Clinical Oncology (ASCO) conference in the U.S.

The broker said Novartis was the surprise winner of the conference, producing strong data in breast cancer and promising results for renal cell cancer. It upgraded the stock to Neutral.

But it downgraded AstraZeneca, saying the UK group faces big short-term patent uncertainties and which is not due to release any important data before the end of 2009.

Exane reiterated its 'neutral' stance on Merck and Roche saying the newsflow on the pair is likely to be lighter. deborah.hyde@thomson.com dlh/jfr

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