AstraZeneca PLC (LSE:AZN) was well bid during the afternoon session with analysts revisiting their spreadsheets after a flurry of news.
Barclays Capital has moved its price target to £110 from £100 for shares in the Anglo-Swedish drugs giant.
It has increased its valuation to take into account the impact of Alexion, for which AZ is paying US$39bn, and the contributions of cancer drugs Enhertu and Lynparza.
It rates the stock as the top pick in the sector.
At the same time, Wall Street bank JP Morgan reiterated its ‘overweight’ recommendation and its £100 a share price target.
In a brief line it told clients: “[Our] deep dive highlights best-in-sector growth outlook, still not fully reflected in valuation, trading at a sector discount.”
Of the 27 analysts logged as following AZ, 23 have positive recommendations.
The consensus price target for the stock is £102, which is an 8.5% premium to the current price of £94.04, up 1.1% on the day.