NVS (Upgrade to Outperform, PT to $100 from $90) – Best Idea 2019 – NVS is moving away from its inconsistent non-pharma businesses (consumer, ophthalmology, potentially generics) and toward high value pharma opportunities ( acquisitions of Advanced Accelerator, AveXis, Endocyte) delivering big potential new drugs with upside possible. Despite that NVS shares have underperformed year to date and only trade at a modest premium to the sector.
DXC (Upgrade to Outperform, PT $80 from $90) - Best Idea 2019. At 4.2x Street FY20 EBITDA we believe shares are largely de-risked and the stock has settled post the sharp fall from the Register article and the very soft 2Q revenue performance. We think current valuation does not factor significant financial flexibility that DXC has to stabilize revenue growth and that merely driving an improvement in bookings and flat revenue supports over a 30% return in shares.
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