Market Overview

UPDATE: Bank of America Downgrades AstraZeneca to Underperform Following Recent Gain

Related AZN
Teva Announces UK High Court Gives Positive Judgment In The Company's Patent Case Against AstraZeneca
SunTrust Sees Further Pfizer Inc. Bid For AstraZeneca PLC (ADR) 'Highly Likely'
Treasury Develolping Options to Curb Inversions (Fox Business)

Bank of America reduced its rating on AstraZeneca (NYSE: AZN) from Neutral to Underperform while maintaining its price objective at $49.50 a share.

Bank of America commented, "With shares up c10% since mid-year we now have only 6% upside to our PO of £31, the second lowest amongst EU majors. We recognise that AZN's dividend yield of c6.3% remains the highest in EU big-cap pharma, and at the top end of the historic average within the sector. However, the fundamental outlook remains poor (although well recognized) with a 14-17E sales CAGR of minus 5%, recent product launches (Brilinta and Bydureon) remain lackluster, and the late stage pipeline remains weak, in our opinion."

AstraZeneca closed at $46.42 on Friday.

Latest Ratings for AZN

DateFirmActionFromTo
Jul 2014JP MorganReinstatesUnderweight
May 2014BarclaysMaintainsEqual-weight
May 2014DanskeDowngradesBuySell

View More Analyst Ratings for AZN
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (AZN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters