AstraZeneca: Oddo maintains its buy rating on, rasing TP

(CercleFinance.com) - Oddo BHF has reinstated its its "buy" rating on the AstraZeneca share, having increased its corresponding target price from 10,300 pence to 10,800 pence, in a report on major European pharmaceutical companies for which it maintains its sector hierarchy.


Pointing out the reforms that Joe Biden could implement, even if it should be difficult to pass through all the measures in the current context of health and political crises, the broker believes that uncertainty could continue to weigh momentarily on the sector.

However, the multiples of the six Big Pharma companies that the broker tracks, have become attractive again (median discount of 23% in 2022 P/E relative to the Stoxx 600 index), with earnings growth remaining solid (median 20-24 EPS growth 7.3% p.a.), it says.


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