UPDATE: Swedbank Downgrades AstraZeneca to Reduce on Valuation

Swedbank lowered its rating on AstraZeneca

from Neutral to Reduce as the company faces price pressures ahead. Swedbank commented, "Increasing the focus on productivity and innovation is exciting, but after spending USD 23bn over 5 years, execution and transparency is critical. AZN is facing price pressure, soft launch support and a period of underperforming emerging markets. Despite AZN's attractive direct yield, we downgrade to Reduce (Neutral) and await improved transparency." AstraZeneca closed at $46.70 on Thursday.