Bank of America Securities analyst Sachin Jain maintained a Buy rating on AstraZeneca (AZN – Research Report) today and set a price target of p14,500.00.
Sachin Jain has given his Buy rating due to a combination of factors including the positive interim results from AstraZeneca’s Phase III SERENA-6 trial of Camizestrant, which showed significant progression-free survival benefits in breast cancer patients with ESR1 mutations. The trial’s safety profile was also favorable, addressing previous safety concerns and indicating a potential for substantial sales growth.
Additionally, AstraZeneca’s robust pipeline, with several upcoming Phase III trial results expected to be game-changers, supports the Buy rating. The company’s valuation appears attractive, with a promising outlook for high single-digit sales growth and potential for rerating. The anticipated $30 billion sales potential from these trials further underscores the positive outlook for AstraZeneca’s stock.
In another report released yesterday, Berenberg Bank also maintained a Buy rating on the stock with a £140.00 price target.