Deutsche Bank Downgrades AstraZeneca (AZN) to Hold

Deutsche Bank analyst Emmanuel Papadakis downgraded AstraZeneca (NASDAQ: AZN) from Buy to Hold.

The analyst comments "Q4 is a thoroughly underwhelming end to 2023 with a soft print that missed in most of the places that matter (Enhertu included, again), whilst FY24 guidance is nominally in-line with expectations the signalling on core margin is ambiguous and it is now put in print that mid 30s is the height of further ambitions. CF was actually solid, but the divi is flat - another disappointment after a flat decade and two years of minor nudges (in context of FY23A core EPS growth +9% actual/+15% CER and LDD + guidance), whilst R&D newsflow is mostly minor. We would probably keep sitting on the fence were it not for the dividend but we find the signalling highly negative and in context of a year of lighter catalysts we cut to Sell, new PT£95 based on 15x FY24 core P/E."

For an analyst ratings summary and ratings history on AstraZeneca click here. For more ratings news on AstraZeneca click here.

Shares of AstraZeneca closed at $66.55 yesterday.

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