AstraZeneca PLC (LSE:AZN) has been upgraded by a leading investment bank following guidance on the company's dividend policy and a more positive earnings outlook.
Deutsche Bank has moved to 'hold' from 'sell' on stock in the pharma giant as well as raising its price target by 1,00p to 10,500p.
The new target price reflects a forward price-to-earnings (P/E) ratio of 17 times for the fiscal year 2024 estimates.
While slightly more bullish, Deutsche still has ongoing questions regarding AZ's innovation and growth strategy, and around its approach to expansion via bolt-on acquisitions.
Mirroring the broader market trend, AZ's stock was off 0.8% at 10,935.59p.