AstraZeneca price target lowered to $80 from $82 at BMO Capital

BMO Capital lowered the firm’s price target on AstraZeneca to $80 from $82 and keeps an Outperform rating on the shares. The company’s Q4 update was not as positive as anticipated, but the firm still likes its “growth profile” and believes that the stock’s decline on earnings was “overdone”, the analyst tells investors in a research note. BMO contends that AstraZeneca’s value is not fully reflected in its share price given strong fundamentals, including low intellectual property risks, active label expansion, and a diverse pipeline with near-term catalysts across disease areas.