After Roche reported gantenerumab failed in Phase 3 for Alzheimer’s with neither of the GRADUATE trials meeting the primary endpoint, Jefferies analyst Peter Welford said he could see the stock down 3%-5% on “the hit to sentiment.” However, he then thinks longer-term buyers could come in at that level to “mitigate losses as the readout is a clearing event.” 2023 is already well known to be “another flattish year,” but Roche “remains the quality defensive EU large-cap Pharma” and he sees focus shifting to 2024 and later, when Roche should return to at least mid-single digit sales CAGR with pipeline upside optionality, said Welford, who keeps a Buy rating and CHF 375 price target on Roche shares.