HALISTER1: AstraZeneca’s I-O Data Potential Not Priced in, Liberum Says Buy

AstraZeneca’s I-O Data Potential Not Priced in, Liberum Says Buy

(Bloomberg) -- With stock down 20% to lows not seen since 2013 in U.S. dollar terms, investors are paying nothing for high-risk but high-potential of AstraZeneca’s immuno-oncology franchise, Liberum says in note.
  • Upgrades to buy vs hold, PT 5200p; says successful I-O data, including Mystic trial data due out in 1H, could be worth 1800p/share
  • Sees temporary weakness if trial fails but earnings and fundamental value means longer-term upside possible
  • Shares up as much as 1%
DATA
  • Stock has fallen 8.2% month-to-date vs a 0% fall in the Stoxx 600 Health Care index; is down 8.8% YTD vs a 15.1% fall in the SXDP index
  • Of 36 analyst ratings, 21 are buy, 11 hold, 4 sell, with an average PT of 5379.70p, implying ~28% upside
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AZN LN (AstraZeneca PLC)

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