UPDATE: Bank of America Upgrades AstraZeneca

According to a research report published this morning, Bank of America has upgraded AstraZeneca

from Underperform to Neutral. In the report, Bank of America said, "Following >10% share price decline year to date, we upgrade AZN to Neutral. Shares now yield 7% (vs a FY13E PE of c6.5x) which we believe should prevent material further downside. Charts 1&2 show that in the last 10 years, in addition to AZN, only PFE and BMY in global major pharma have traded at >6% yield. Importantly, in contrast to investor concerns, management has confirmed its progressive dividend policy irrespective of future M&A." Bank of America maintains its $49.20 PO on AstraZeneca, which closed yesterday at $43.82.