Deutsche Bank Downgrades AstraZeneca (AZN) to Hold
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Deutsche Bank downgrades AstraZeneca (NYSE: AZN) from Buy to Hold based on valuation.
The firm said, "We are downgrading our call on AZN stock to Hold from Buy, following AZ's victory in the Seroquel US patent case and subsequent positive stock reaction. Following 24% outperformance vs the FTSE100 year-to-date, the stock is trading within the region of fair value on our assessment, and with fewer important catalysts near-term, we expect the stock will perform in line with the sector."
Deutsche Bank expects EU pharma to outperform the market, and the firm urges investors to not be underweight in AZN due to its defensive characteristics and the slight possibility that AZN could participate in sector consolidation.
AstraZeneca PLC discovers, develops, manufactures, and markets prescription pharmaceuticals in the areas of cardiovascular, gastrointestinal, neuroscience, oncology, respiratory and inflammation, and infection worldwide.
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