GSK gains over 2% in London, helped by an analysis from Jefferies, which announced on Wednesday that it had raised its recommendation on the stock from 'hold' to 'buy', with a target price raised to 1900 pence from 1550 pence.

In a sector note, the research firm believes that the development of new injectable HIV treatments, the launch of vaccines and the marketing of new products should enable a soft landing for the business following the expiry of HIV patents, scheduled for 2028.

In view of this underestimated growth profile, the analyst evokes an "attractive" risk/reward cocktail, given the prospect of an out-of-court settlement of the Zantac case and exaggerated concerns about the 2024 financial year.

Jefferies highlights a "deeply discounted" stock, with a potential upside of 23%.

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