The healthcare sector outperformed in Europe, India and China last month, according to Citi, which named its top picks worldwide.
Europe's pharma sector looks particularly strong, the bank said in a May 4 note, with European large caps seeing consensus earnings upgrades in April and positive earnings-per-share momentum for 2023. The picture isn't quite so rosy for the U.S., according to the Citi, with healthcare underperforming the market in the country last month. Nevertheless, the investment bank named a slew of buy-rated top picks across the U.S., Europe and Asia. U.S.
Citi says patient demand for gene therapies company Beam had been "encouraging" and its pipeline programs remain on track. "We continue to view BEAM as a long-term value play and anticipate several value inflection points beginning in 2024," Citi analysts wrote. It gave Beam a price target of $60, implying upside of around 67%.
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