GlaxoSmithKline upgraded to "buy"

01/13/06 - Dresdner Kleinwort Wasser.

LONDON, January 13 (newratings.com) - Analysts at Dresdner Kleinwort Wasserstein upgrade GlaxoSmithKline (GSK-GBX) from "add" to "buy." The target price has been raised from 1600p to 1640p.

In a research note published this morning, the analysts mention that the company is expected to witness double-digit earnings growth during 2006, driven by Tykerb, eltrombobag, Allermist and other drugs. The analysts believe that the sales of GlaxoSmithKline's Avandia and Advair drugs would continue to be robust during 2006. Chances of the company making a bid for AstraZeneca are less than 50%, Dresdner Kleinwort Wasserstein adds.