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The investment bank has increased its 2003 earnings per share forecasts to an above consensus 6p.
Our new adjusted earnings per share forecasts are $5.49 (from $5.62) and $5.61 (from $5.69) in 2013 and 2014 respectively.
We lower our earnings per share forecasts by around 20% and our fair value from 285p to 210p.
We are however trimming our 2015 - 2020earnings per share forecasts by 2-32-3%reflect reflect adverse currency movements.
In our note on 23 December we cut our earnings per share forecasts by 60% for 2016, 42% for 2017 and 30% for 2018.
We take a more cautious stance on Generic margins into 2017, and reduce our earnings per share forecasts by 13% to 136c (consensus 156c).
Similar(22)
The average per share forecast was 25 pence.
Profit, at $1.67 a share, was higher than the $1.57 a share forecast.
That beat the 96 cents a share forecast by analysts surveyed by Thomson Reuters.
The profit would be higher than the $3.72 a share forecast by analysts surveyed by Thomson First Call.
Analyst Tim Ramskill also raised his earnings per share forecast for 2013 by 7%.
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