Justin Smith, an analyst from Bernstein, maintained the Buy rating on AstraZeneca. The associated price target was raised to p18,000.00.
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Justin Smith has given his Buy rating due to a combination of factors including the promising results from AstraZeneca’s non-oncology pipeline, particularly the phase 3 data for baxdrostat. The recent findings presented at the European Society of Cardiology showed significant blood pressure reduction with baxdrostat, which was well-received by experts and published in a reputable medical journal. The drug’s efficacy and safety profile, including its long half-life and lack of drug-drug interactions, position it favorably against competitors.
AstraZeneca’s management anticipates that changes in blood pressure treatment guidelines will bolster baxdrostat’s market uptake, especially among patients with complex health needs. The company’s strategic pricing approach is expected to enhance its value proposition. Additionally, the price target for AstraZeneca’s stock is calculated using a blend of discounted cash flow and EV/EBITA multiples, suggesting a strong long-term growth potential that investors may currently undervalue.
According to TipRanks, Smith is a 3-star analyst with an average return of 6.5% and a 60.71% success rate. Smith covers the Healthcare sector, focusing on stocks such as Pfizer, AstraZeneca, and GlaxoSmithKline.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a £140.00 price target.