AstraZeneca: Berenberg cuts its target, but remains Buy

(CercleFinance.com) - Berenberg announced on Wednesday that it had lowered its price target for AstraZeneca from 15,000 to 14,000 pence, while retaining its buy recommendation on the stock.


In a research note, the consultancy points out that the biopharmaceutical laboratory has wiped out all its annual gains in almost three months, due to disappointing data on Dato-DXd, its new experimental treatment for lung cancer, and investigations into the behavior of its employees in China.

Although the share price recently broke through the 10,000 pence barrier, the analyst notes that the outlook for the company's drug portfolio remains the same, and that the scope of the Chinese concerns appears limited, even if this factor is behind the lowering of his price target.

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