AstraZeneca: UBS upgrades stock
(CercleFinance.com) - On Thursday UBS upgraded its rating on AstraZeneca shares from "neutral" to "buy," having increased its corresponding target price from 7,500 pence to 8,000 pence, representing upside potential of 12%.
In report, the broker justifies its decision by the prospect of an improvement in the Anglo-Swedish biopharmaceutical group's financial profile.
"AstraZeneca has had good top-line growth but underlying margin and cash conversion improvements were slow," UBS says.
"The Alexion deal fixes that," the broker says.
However, shortly before 10 a.m. London time, the AstraZeneca stock was down 1.5%, one of the biggest declines in the FTSE 100 Index, which was up 0.4% at the same time.
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