Deutsche Bank announced on Friday that it had lowered its price target for Ipsen from €124 to €115, while renewing its 'hold' recommendation on the stock.

A week after the French biopharmaceutical group's investor day, the analyst recalls that the laboratory has achieved all its targets set for the period 2020-2024, a performance deemed to augur well for the realization of its new three-year forecasts.

However, the intermediary considers that catalysts at project portfolio level are rather scarce, and that good execution at commercial level can still be improved, which in his view suggests limited upside potential for the stock over a 12-month horizon.

However, DB believes that the longer-term outlook is more promising, particularly for the Dysport, Bylvay and elafibranor franchises, whose performance between now and 2026 could exceed the estimates provided by the Group.

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