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12 Feb, 2024 10:18 12 Feb, 2024 10:18

Barclays sees "compelling" entry point at AstraZeneca after recent falls

dl astrazeneca plc azn health care healthcare pharmaceuticals and biotechnology pharmaceuticals ftse 100 premium astra zeneca 20230327 1835
AstraZenecaSharecast graphic / Josh White

Barclays has kept an 'overweight' position on AstraZeneca despite the biopharma group's disappointing annual results last week, saying that the stock's recent underperformance provides an attractive entry point for investors.

Shares in AstraZeneca dropped on Thursday after fourth-quarter core earnings per share rose by just 7% year-on-year to $1.45, which was a 3% miss against consensus forecasts.

The stock, down nearly 2% on Monday, has now fallen 8.8% since the results were released and now stand at a 52-week low of 9,564.7p.

"The last time AZN moved that much on a print (3Q21), the magnitude of the EPS miss/subsequent downgrades was far greater," Barclays said.

As a result of the fourth-quarter numbers, Barclays trimmed its 2024 EPS forecasts by 2%. However, the bank still sees significant upside with a price target of 12,500p.

"We think this presents a compelling entry point for a best-in-class company," Barclays said.


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Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.