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Pareto Securities reduced its rating on AstraZeneca
AZN from Hold to Sell and lowered its price target from $48 to $44.
Pareto Securities noted, "AstraZeneca (AZN) did not surprise on revenues although margins overall were stronger than consensus expectations. The appointment of a new CEO and recent deals have lifted the valuation to new highs. We do not believe this is sustainable in the short term as 2013E numbers are not strong enough."
AstraZeneca closed at $46.70 on Thursday.
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