AstraZeneca: Oncology and CVRM Momentum, Pipeline Progress, and FX Tailwinds Underpin Raised £165 Price Target and Buy RatingWe update our AZN model ahead of Q1’26 results and forecast Q1’26 group sales to come in ~1% above consensus (~7% YoY at CER), driven by Oncology (MSe +2% vs. cons.) and CVRM (+3% ahead of cons.). In Oncology, momentum remains strong, led by Imfinzi (MSe +4% ahead of cons.), Calquence (+4% ahead of cons.), and Enhertu (+10% ahead of cons.). In CVRM, we model Farxiga +5% ahead of street. Our Q1’26 EPS estimates are ~1% above consensus. We expect AZN to reiterate FY26 guidance for MSD-HSD% revenue growth and LDD% core EPS growth. Reflecting FX updates and recent positive pipeline developments (including tozorakimab in COPD and efzimfotase alfa in HPP), we raise our base case price target to £165/share and reiterate our Overweight rating. Our bull and bear cases increase by a similar magnitude.