Jefferies Upgrades AstraZeneca (AZN) to Buy
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Jefferies upgraded AstraZeneca (NYSE: AZN) from Hold to Buy and raised its price target to 5,800.00p from 5,400.00p.
Analyst Jeffrey Holford commented, "We have upgraded AZN to Buy as we see a much higher probability of success and a larger market opportunity from the MYSTIC study than consensus implies. We believe that BMY's failure in CM-026 has increased the size of the IO combo opportunity and timing now favours AZN. We see positive asymmetry with up to 39% upside in AZN shares if MYSTIC hits vs. 10% downside if it fails."
Shares of AstraZeneca closed at $32.20 yesterday.
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