In a report released today, Sachin Jain from Bank of America Securities maintained a Buy rating on AstraZeneca (AZN – Research Report), with a price target of p14,500.00.
Sachin Jain has given his Buy rating due to a combination of factors including AstraZeneca’s promising pipeline and attractive valuation. The company has released positive Phase III data for eneboparatide, a treatment for hypoparathyroidism, which although not yet fully characterized, shows potential for significant market impact. Additionally, AstraZeneca has several other promising drugs in development, such as Dato AVANZAR for non-small cell lung cancer and Baxdrostat for hypertension, which are expected to drive substantial sales growth in the coming years.
Furthermore, the valuation of AstraZeneca appears favorable, with a projected high-single-digit sales compound annual growth rate supporting a potential rerating of the stock. The upcoming 18 months are anticipated to be pivotal, with multiple game-changing readouts expected to contribute to a total sales potential of approximately $30 billion. These factors, combined with the potential for significant advancements in their drug pipeline, underpin Jain’s Buy rating for AstraZeneca.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a £140.00 price target.