AstraZeneca: Oddo BHF still on hold

(CercleFinance.com) - Oddo BHF maintains its neutral rating on AstraZeneca shares, with an unchanged target price of 12,500 pence.


The laboratory reported better-than-expected quarterly results, with revenues up 21% cc driven by its Oncology (+22%), CVRM (+20%) and Respiratory (+29%) franchises.

In addition, Core EPS rose by 27% at cc, i.e. 2% above expectations, reports the analyst.

In this context, AZN is adjusting its guidance with revenues and Core EPS up in 'high teens' vs 'mid teens' at cc.

The growth profile remains attractive, with a 24-28e EPS CAGR of 10.8% vs. 9.4% for the sector. However, we are maintaining our Neutral rating due to the lack of visibility on ongoing investigations in China, the broker concludes.


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