AstraZeneca AZN, +0.72% AZN, +3.08% was upgraded to buy from hold at Jefferies, and its price target lifted to 8850 pence ($61.05 per U.S.-listed share) from 8250 pence. Analysts led by Peter Welford said AstraZeneca’s “impressive” revenue and profit trajectory is compelling relative to European pharma peers, and the approaching close of the Alexion acquisition will make the deal’s merits more widely appreciated. The analysts are slightly more optimistic than consensus in oncology growth drivers Calquence, Imfinzi, Lynparza and Tagrisso. Upcoming Phase III data for its coronavirus vaccine — which “could look relatively underwhelming” — could represent a buying opportunity.
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