Jefferies Upgrades AstraZeneca (AZN) to Buy; 'Risk-reward is significantly more positive'
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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."
Shares of AstraZeneca closed at $49.79 yesterday.
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