BofA/Merrill Lynch Upgrades AstraZeneca (AZN) to Buy (Earlier)

BofA/Merrill Lynch upgraded AstraZeneca (NYSE: AZN) from Neutral to Buy with a price target of $80.50, saying the pipeline transformation is continuing at pace.

Analyst Sachin Jain said, "Since Sept-13 our AZN pipeline peak risk-adjusted sales forecast has increased by $16bn. AZN now leads in EU pharma in un-risk-adjusted and risk-adjusted sales potential as a % of base sales. Given a best-in class pipeline, we see potential for AZN to be able to deliver significant premium growth to the sector, with a 17-22E EPS CAGR of 16%, which could increase to 21% on pipeline success."

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 $69.44 yesterday.

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