Hargreaves Lansdown says the City may take a more charitable view of Glaxosmithkline shares after the drug group announced higher third quarter earnings per share and a streamlining of its business.The broker said analysts may need to "positively re-evaluate" the market consensus on the shares as a 'hold' after GSK said cost cuts and savings had helped it to increase its core earnings per share by 5% at constant exchange rates to 27.9p.GSK also said it was launching a restructuring programme to re-focus its global pharmaceutical business and costs following its divestment of oncology products and changes in the US market for respiratory products.The broker's Richard Hunter said: "The spectre of patent expiries and a changing US landscape have weighed on the shares, which have dropped 15% over the last year, and 14% in the last three months alone, as compared to a 5% decline for the wider FTSE100."This puts today's share price spike into perspective, although by the same token this could prove to be a turning point for the company. In the meantime, the market consensus of the shares as a hold may need to be positively re-evaluated."Shares rose 38p or 2.8% to 1380p at 13:07 in London.