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AstraZeneca: Bank of America reiterates buy rating

( - On Wednesday Bank of America reiterated its buy rating on AstraZeneca shares, with a target price of 12,500 pence, saying that the company's valuation, growth and pipeline more than offset the Nexium issue.

In a report, the broker highlights an "attractive" valuation (trading at a 2023 P/E of 17x) in light of higher EPS growth that the group is expected to deliver over 2023-26.

BofA also points out that AstraZeneca has a busy agenda for the next 12-15 months, with a number of phase III data releases on the agenda.

These include results from the datopotamab trial in lung cancer, which could have annual sales of up to 2.5 billion dollars, and Enhertu in breast cancer, which again has an estimated market potential of 2.5 billion dollars per year.

Should all these projects be successful, BofA estimates that the group'supply annual sales growth could accelerate to 5% to 9% over 2025-2029, which would logically lead to the share price increasing.

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