Stifel has raised its recommendation on Sanofi from 'hold' to 'buy', with a price target raised from 95 to 109 euros, with an adjustment for the value of the pipeline in its model for the French healthcare giant.

The broker is 'reasonably optimistic that Sanofi can post a strong short-term growth cycle driven by Dupixent and Beyfortus (11% average annual EPS growth over 2024-27), followed by an improved pipeline realization phase'.

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