Jefferies Downgrades AstraZeneca (AZN) to Underperform

October 11, 2013 7:58 AM EDT
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Price: $26.99 -0.41%

Rating Summary:
    13 Buy, 7 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Jefferies downgraded AstraZeneca (NYSE: AZN) from Hold to Underperform and lowers its price target from 2,850.00p to 2,600.00p.

"We have downgraded AstraZeneca to Underperform from Hold as it is another strong bond proxy in our view with poor base business fundamentals," analyst Jeffrey Holford said. "We see the turnaround story for Brilinta as being unlikely and Byetta/ Bydureon as being likely to continue to miss expectations as new more competitive products come to market. AstraZeneca is now our least preferred European stock, as well as being our least preferred Globally."

For an analyst ratings summary and ratings history on AstraZeneca click here. For more ratings news on AstraZeneca click here.

Shares of AstraZeneca closed at $50.38 yesterday.

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