Deutsche Bank downgraded AstraZeneca (AZN) to Sell from Hold with a price target of 10,500 GBp, down from 11,000 GBp. The shares are trading at the top of their recent range while AstraZeneca is “much closer to material patent pressures,” the analyst tells investors in a research note. Deutsche has reduced confidence in AstraZeneca’s pipeline outlook following an analysis into the breast cancer space.
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