Jefferies lowers Serono's target to CHF 915

Serono was maintained by Jefferies International Ltd. Analyst Nick Turner at a hold rating with a lowered price target to CHF 915 from CHF 930 after third-quarter performances beat expectations, but showed light sales. Product sales were up 10% at $571.5 million, which was below Jefferies and consensus estimates. Gonal-F missed the sales forecast. Shares of the Geneva, Switzerland-based biotechnology company were up CHF 6.50, or 0.80%, at CHF 823.50 on volume of 24,849 shares versus the three-month running average of 28,979.3 shares.

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