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AstraZeneca: Berenberg lowers target price

( - On Wednesday Berenberg reduced its target price for AstraZeneca shares from 12,600 pence to 12,400 pence, while renewing its buy rating on the stock.

After consulting the pharmaceutical company's 2022 annual report, the analyst said he expected its cash position to improve, which means that the payment of the dividend is pretty much guaranteed.

However, Berenberg also notes that AstraZeneca will face significant expenses in the near term, with some $2bn in payments related to its agreements and contracts expected this year.

Still, the stock remains its best pick amongst big European companies, saying that it is very much looking to the results of the Datopotamab deruxtecan (Dato-DXd) clinical trial in lung cancer, due by the end of June, to further improve cash flow visibility.

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