AstraZeneca (AZN +0.7%) enjoys modest gains after SVB Leerink initiated coverage with an Outperform rating and $57 price target, saying it expects momentum to continue even though shares have climbed significantly since 2017 and currently trade at a premium vs. peers.
Leerink’s Andrew Berens thinks AZN’s “focused strategy” has established the company as a best-in-class biopharma after a successful transition from a general therapeutics company to a rapidly growing oncology company with a number of multi-blockbuster drugs.
AZN also has invested in other areas of rapid growth including the emerging markets, which Berens believes will “generate additional investor value as these areas become more commercially validated and relevant.”
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