With the market at all-time highs, it’s difficult to find undervalued stocks with attractive prospects. However, we uncovered a few that we believe are hidden gems. Our first new addition is Novartis (NYSE:NVS), the Swiss pharmaceutical giant. Management is focused on turning around Alcon, its leading eye-care franchise, whose sales have been soft the past few years. We recently met with Mike Ball, the CEO of Alcon, and we’re impressed with his vision to reinvigorate this great business. Meanwhile, investors are giving the company little credit for its enviable portfolio of innovative therapies that should drive revenue growth, including Entresto, an exciting new treatment that provides hope for chronic heart failure patients.
Jerome Dodson (Trades, Portfolio)'s first quarter 2017 Parnassus Funds commentary.
