Jefferies Upgrades AstraZeneca (AZN) to Buy; 'Risk-reward is significantly more positive'

March 16, 2021 6:22 AM EDT
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Price: $58.37 +0.03%

Rating Summary:
    17 Buy, 7 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 13 | New: 24
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(Updated - March 16, 2021 7:49 AM EDT)

Jefferies analyst Ian Hilliker upgraded AstraZeneca (NASDAQ: AZN) from Hold to Buy with a price target of $61.50 (from $56.00).

The analyst commented, "Risk-reward is significantly more positive at these levels given AZN's compelling growth profile within EU Pharma at a multiple similar to peers by 2023E, and at a discount based on Alexion pro-forma after at least +13%-15% accretion. Nearing3Q close of this deal we see the strategic merits being more widely appreciated. Amultitude of pipeline catalysts and new launches should aid a recovery of the shares. We are upgrading to Buy with PT +7% to 8850p/$61.5."

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 $49.79 yesterday.

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