Andrew Berens, an analyst from Leerink Partners, maintained the Buy rating on AstraZeneca (AZN – Research Report). The associated price target is $75.00.
Andrew Berens has assigned a Buy rating to AstraZeneca’s stock based on a comprehensive analysis of the company’s financial and strategic position. Despite some near-term challenges reflected by lower-than-expected sales from key oncology products and a miss on core EPS due to increased operational expenditures, Berens recognizes the potential for growth. AstraZeneca’s guidance for 2024 anticipates a robust low double-digit to low-teens percentage growth in total revenue and core EPS. This forecast, combined with the planned increase in capital expenditures to enhance manufacturing capabilities, particularly in the promising field of cell therapy, underpins the positive outlook.
Moreover, a significant factor contributing to the Buy rating is the anticipation of AstraZeneca’s R&D day in May, which is expected to provide a comprehensive overview of the company’s R&D strategy over the next decade. This includes a focus on new technologies and platforms that could revolutionize its offerings. Additionally, the upcoming updates to the oncology pipeline and the incorporation of the Enhertu tumor-agnostic solid tumor indication, which has been accepted for priority review by the FDA, are also promising developments. These factors, despite a slight reduction in the price target to $75, support the analyst’s optimistic view on AstraZeneca’s growth trajectory and its ability to navigate the challenges presented by the loss of exclusivity for key products and competitive pressures.
Berens covers the Healthcare sector, focusing on stocks such as AstraZeneca, Incyte, and Agios Pharma. According to TipRanks, Berens has an average return of -1.0% and a 41.44% success rate on recommended stocks.
In another report released on February 12, BMO Capital also maintained a Buy rating on the stock with a $80.00 price target.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
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.
Read More on AZN:
- AstraZeneca price target lowered to 125 GBp from 135 GBp at Barclays
- Alexandria Real Estate to receive $300M investment from AstraZeneca
- AstraZeneca price target lowered to $80 from $82 at BMO Capital
- AstraZeneca (AZN) Announces Q1 Dividend: Read On for Important Dates
- Unusually active option classes on open February 8th
