Zurich, Jan 17, 2026, 17:40 CET — The market has closed.
Roche Holding shares (ROG.S) closed Friday 0.93% higher at 348.90 Swiss francs on the Swiss Exchange, a gain of 3.20 francs from Thursday’s finish. Swiss markets remain closed Saturday. 1
The shift is significant as broker upgrades begin to reflect a rally that’s driven Roche’s valuation to tighter margins. With markets closed, investors face Monday assessing if Friday’s upgrades signal a genuine change in Wall Street’s view of Roche’s 2026 pipeline outlook.
Goldman Sachs upgraded Roche to neutral from sell and raised its price target to 365 Swiss francs from 260, according to a MarketScreener summary of the report. The bank pointed to a lower-risk slate of clinical “catalysts” in 2026 — including trial results and key events that could move shares — and highlighted Roche’s multiple sclerosis drug fenebrutinib and breast cancer treatment giredestrant, banking on late-2025 trial successes. The new target suggests roughly 6% upside from Thursday’s close, Investing.com reported. Roche’s shares have climbed about 33% since November, but Goldman stopped short of a buy rating, noting the recent rally has already priced in much of the potential gains. 2
UBS analyst Matthew Weston maintained his Buy rating and bumped the target price up to 384 Swiss francs from 356, according to a separate note from MarketScreener. This puts UBS at the highest end of the recently released price targets. 3
Deutsche Bank maintained its neutral stance and held its target price steady at 325 Swiss francs, according to another note from MarketScreener. 4
In Europe, health-care shares held up well on Friday despite the STOXX 600 edging down 0.2%. Novo Nordisk gained ground after the UK approved a stronger dose of its Wegovy obesity treatment, drawing investor focus back to defensive sectors and pharmaceutical firms. 5
The Swiss blue-chip SMI slipped 0.5% on Friday, highlighting Roche’s relative resilience heading into the weekend. 6
The target range, spanning 325 to 384 francs, highlights that the discussion has shifted heavily toward valuation rather than just pipeline prospects. Should the upcoming Phase 3 data fall short or pricing pressure intensify beyond forecasts, the stock could swiftly lose the ground it’s recently gained.
No Swiss trading will take place until Monday, leaving investors to see if Goldman’s upgrade sparks new buying or triggers profit-taking after Friday’s close. Attention will also turn to any additional broker remarks as 2026 trial schedules start to emerge.
Roche’s full-year 2025 earnings are due Thursday, Jan. 29, with a presentation set for 13:30 CET. Investors will focus on the 2026 outlook and updates on the timelines for fenebrutinib and giredestrant. 7
