Argus Upgrades AstraZeneca (AZN) to Buy
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Argus upgraded AstraZeneca (NYSE: AZN) from Hold to Buy with a price target of $38.00.
The firm notes management is taking steps to address ricing pressure and generic threats by cutting costs and assembling a strong new drug pipeline, including a promising checkpoint inhibitor to treat various cancers.
They note the shares are trading at 8.5-times their 2017 earnings per ADS forecast, a sharp discount to the average forward multiple of 16.0 for S&P 500 Pharma companies. They view this discount as too steep.
Shares of AstraZeneca closed at $33.05 yesterday.
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