Astrazeneca Down 3% Despite Citigroup Upgrade

On Tuesday, Citigroup upgraded shares of

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

“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.