AstraZeneca price target lowered to $75.50 from $80 at Berenberg

Berenberg lowered the firm’s price target on AstraZeneca to $75.50 from $80 and keeps a Buy rating on the shares. AstraZeneca shares have languished over the past 12 months as pipeline progress has not corresponded so well with the pace of reinvestment, the analyst tells investors in a research note. However, the company’s growth remains strong with multiple drivers, and the pipeline is “exciting with multiple shots on goal,” says the firm. It believes investors need to see pipeline success continuing and long-term growth being unlocked. The trio of positive lung cancer updates on February 19 “bodes well for the shares,” adds Berenberg.