In a report released on April 29, Andrew Berens from Leerink Partners maintained a Buy rating on AstraZeneca (AZN – Research Report), with a price target of $78.00.
Andrew Berens has given his Buy rating due to a combination of factors including AstraZeneca’s significant earnings beat in the first quarter. The company showcased robust growth across its product portfolio in major markets, with several key products outperforming consensus estimates. Notably, drugs such as Calquence, Tagrisso, and Farxiga surpassed expected sales, contributing to the company’s strong financial performance. Furthermore, AstraZeneca’s reaffirmation of its 2024 guidance, projecting a low double-digit to low teens percentage increase in revenue and core EPS, underscores the company’s positive outlook and stable growth trajectory.
In addition to financial metrics, the firm’s pipeline and research and development initiatives are promising, with an emphasis on radioconjugates, gene therapies, and cell therapies. The upcoming R&D day is expected to shed more light on these areas. AstraZeneca’s investment in T-cell engagers for autoimmune diseases also demonstrates its commitment to innovation, drawing confidence from successful treatments in similar domains by other companies. Moreover, recent positive clinical trial results for Enhertu in metastatic breast cancer have allowed Berens to anticipate additional revenue streams, leading to a raised price target for AstraZeneca’s stock. These strategic developments and anticipated key catalysts through 2024 reinforce the Buy rating given by Andrew Berens.
In another report released on April 25, BMO Capital also maintained a Buy rating on the stock with a $80.00 price target.
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AstraZeneca (AZN) Company Description:
Founded in 1992, UK-based AstraZeneca Plc is a leading global pharmaceutical company, which is engaged in delivering life-changing medicines. The company produces and commercializes medicines for cancer, gastrointestinal, cardiovascular, neuroscience, oncology, respiratory and inflammation and other infectious diseases.
