Argus Upgrades AstraZeneca (AZN) to Buy

Argus upgraded AstraZeneca (NYSE: AZN) from Hold to Buy with a price target of $38.00.

The firm notes management is taking steps to address ricing pressure and generic threats by cutting costs and assembling a strong new drug pipeline, including a promising checkpoint inhibitor to treat various cancers.

They note the shares are trading at 8.5-times their 2017 earnings per ADS forecast, a sharp discount to the average forward multiple of 16.0 for S&P 500 Pharma companies. They view this discount as too steep.

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 $33.05 yesterday.

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