AstraZeneca (AZN) PT Raised to $50 at BMO Capital

BMO Capital analyst Alex Arfaei raised the price target on AstraZeneca (NYSE: AZN) to $50.00 (from $45.00) while maintaining a Outperform rating.

The analyst commented, "3Q18 illustrated that AstraZeneca's growth drivers have kicked-in and have good runway. We forecast that from 2018 to 2023 AZN can grow revenue/EPS by 10%/20%. The growth will be driven by oncology (25% CAGR), which should also expand operating margin to ~35%. In 2023, we forecast $36Bn revenue (consensus $34Bn). Management sounds increasingly confident, and credible, that ~$40Bn is possible, depending on the pipeline. In either scenario, AZN will probably have the best growth profile in major Biopharma, and that's not fully reflected in the stock."

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