EFTA Document EFTA01385517

> Healthcare Deutsche Bank Q Shire Richard Parkes, BUY, close 3875p, 5000p tgt, 29% upside • We expect new long-term targets to help rebuild investor confidence. We expect these targets to reassure that Shire can continue to grow despite headwinds to haemophilia. Between this, execution on deleveraging and completion of the Neuroscience Review (at end-17), the share price should recover. • Synergies and deleveraging should offset headwinds in '18, delivering revenue growth. Growth of Im