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AstraZeneca: Stifel lowers TP - cautious about 2023

( - Stifel maintains its 'buy' rating on AstraZeneca shares, although has reduced its target price for the stock from 13,300p to 12,800p.

With the company unveiling its 2022 annual report and 2023 guidance on 9 February, the broker believes that for a variety of reasons, 2023 could be more challenging than expected, although this is not yet reflected in the consensus.

For 2023, Stifel mentions, amongst other things, the decline in Covid-related sales, increased competition from generics in certain sectors and tax increases in the UK.

Overall, analysts see some small short-term negatives that could impact the share price (which has been the best performer in the European Large Cap Pharma space over the last 12 months), causing a pause in the upward trajectory, it concludes.

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