Research Disclosures & Disclaimers

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Novartis (NOVN.S)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (CHF)	Price Target (CHF)	Rating
2022-02-21	73.71	78.54	Neutral
2022-04-08	81.09	79.475	Neutral
2022-04-27	81.17	82.28	Neutral
2022-06-30	75.59	80.41	Neutral
2022-09-26	69.17	74.80	Neutral
2022-12-02	78.67	76.67	Neutral
2022-12-14	80.53	78.54	Neutral
2023-01-09	79.76	77.605	Neutral
2023-02-14	75.19	79.475	Neutral
2023-02-22	75.85	80.41	Neutral
2023-05-18	85.14	92.565	Neutral
2023-07-19	83.17	88.825	Neutral
2023-10-04	87.60	90.00	Neutral
2024-01-15	92.00	104.00	Buy
2024-04-24	89.12	108.00	Buy
2024-07-19	94.20	111.00	Buy
2025-02-13	97.78	104.00	Neutral

Disclosures

UBS has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.
Within the past 12 months, UBS has received compensation for investment banking services from this company/entity or one of its affiliates.
UBS expects to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.
UBS beneficially owned 1% or more of a class of this company`s common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end).
UBS Securities LLC makes a market in the securities and/or ADRs of this company.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.
UBS Fund Management (Switzerland) AG beneficially owns more than 5% of the total issued share capital of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.