Deutsche Bank downgraded AstraZeneca to Sell from Hold with a price target of 9,500 GBp, down from 11,000 GBp. The company’s Q4 is a “thoroughly underwhelming end to 2023 with a soft print that missed in most of the places that matter,” the analyst tells investors in a research note. The firm says AstraZeneca’s fiscal 2024 guidance is nominally in-line with expectations while signaling on core margin “is ambiguous.” Deutsche Bank sees “highly negative signaling” and a lack of catalysts for the shares.
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