Deutsche Bank downgraded GSK (GSK) to Hold from Buy with a price target of 1,350 GBp, down from 1,700 GBp. The firm cites President-elect Donald Trump’s naming Robert F. Kennedy Jr. as nominee to lead Health and Human Services for the downgrade. Whether the nominee passes confirmation remains to be seen, but Deutsche now expects GSK’s “deeply discounted multiple” persist for the foreseeable future, the analyst tells investors in a research note. Deutsche views vaccines to be among the greatest achievements to impact public health but says Kennedy does not share this view. It believes Kennedy’s nomination also has a negative read for Sanofi (SNY), BioNTech (BNTX) and Moderna (MRNA).