Cowen Out Positive on AstraZeneca (AZN)
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Cowen analyst Steve Scala reiterated an Outperform rating and $66.00 price target on AstraZeneca (NASDAQ: AZN) ahead of a year with numerous catalysts: Enhertu PI data in HER2-low BC, Farxiga PI data in HFpEF, and Lynparza PI data in mCRPC; potential approvals for anifrolumab in SLE and roxadustat in anemia; tezepelumab filing in severe asthma; and the closing of the Alexion transaction.
The analyst stated "AZN's new product momentum, R&D portfolio, and top-tier growth justify its admittedly rich valuation, particularly given opportunity for upside over time. Alexion further strengthens the outlook. News flow should be sector-leading in 2021, and low relative exposure to U.S. market makes AZN less vulnerable to potential reforms. These attributes should drive AZN shares to top performance in 2021". "Our target price of $66 is based on 24x our 2021 EPS estimate of $5.50. While this is a rich target PE multiple, no other pharma offers the attributes mentioned above, justifying this premium valuation, in our view."
Shares of AstraZeneca closed at $50.21 yesterday.
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