On Tuesday, Citigroup upgraded shares of Astrazeneca AZN from Neutral to Buy and raised the price target from $20.80 to $29.12.
Analyst Andrew Baum believes the reported £60 billion bid from Pfizer PFE “looks highly probable.” Although the Astrazeneca CEO, Ian Read, will likely try to retains the company's independence, Baum sees “limited defense strategies.”
Baum feels a Pfizer acquisition, “would fit the company's strategic goals for immunotherapy and autoimmune disease.”
Shares of Astrazeneca are down 3.3 percent to $66.81 in Tuesday's trading.
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